META FINANCIAL GROUP INC, 10-Q filed on 2/8/2017
Quarterly Report
v3.6.0.2
Document and Entity Information - shares
 3 Months Ended
Dec. 31, 2016
Feb. 03, 2017
Document Information [Line Items]    
Entity Registrant Name META FINANCIAL GROUP INC  
Entity Central Index Key 0000907471  
Current Fiscal Year End Date --09-30  
Entity Current Reporting Status Yes  
Entity Filer Category Accelerated Filer  
Document Fiscal Year Focus 2017  
Document Fiscal Period Focus Q1  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Dec. 31, 2016  
Common Class A [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   9,345,762
Nonvoting Common Stock [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   0
v3.6.0.2
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Dec. 31, 2016
Sep. 30, 2016
ASSETS    
Cash and cash equivalents $ 695,731 $ 773,830
Investment securities available for sale 936,832 910,309
Mortgage-backed securities available for sale 534,939 558,940
Investment securities held to maturity 478,611 486,095
Mortgage-backed securities held to maturity 126,365 133,758
Loans held for sale 1,223 0
Loans receivable 1,113,485 925,105
Allowance for loan losses (6,415) (5,635)
Federal Home Loan Bank Stock, at cost 3,832 47,512
Accrued interest receivable 21,375 17,199
Premises, furniture, and equipment, net 20,093 18,626
Bank-owned life insurance 57,934 57,486
Foreclosed real estate and repossessed assets 76 76
Goodwill 98,898 36,928
Intangible assets 73,472 28,921
Prepaid assets 35,722 9,443
Deferred taxes 12,420 0
Meta Payment Systems accounts receivable 6,885 6,334
Other assets 1,851 1,492
Total assets 4,213,329 4,006,419
LIABILITIES    
Non-interest-bearing checking 2,473,275 2,167,522
Interest-bearing checking 41,119 38,077
Savings deposits 52,566 50,742
Money market deposits 46,856 47,749
Time certificates of deposit 122,334 125,992
Wholesale deposits 926,987 0
Total deposits 3,663,137 2,430,082
Short-term debt 3,857 1,095,118
Long-term debt 92,479 92,460
Accrued interest payable 2,255 875
Deferred taxes 0 4,600
Accrued expenses and other liabilities 79,815 48,309
Total liabilities 3,841,543 3,671,444
STOCKHOLDERS’ EQUITY    
Preferred stock, 3,000,000 shares authorized, no shares issued or outstanding at December 31, 2016 and September 30, 2016, respectively 0 0
Additional paid-in capital 249,476 184,780
Retained earnings 127,239 127,190
Accumulated other comprehensive income (loss) (5,022) 22,920
Total stockholders’ equity 371,786 334,975
Total liabilities and stockholders’ equity 4,213,329 4,006,419
Common Stock [Member]    
STOCKHOLDERS’ EQUITY    
Common stock 93 85
Nonvoting Common Stock [Member]    
STOCKHOLDERS’ EQUITY    
Common stock $ 0 $ 0
v3.6.0.2
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - $ / shares
Dec. 31, 2016
Sep. 30, 2016
STOCKHOLDERS’ EQUITY    
Preferred stock, shares authorized (in shares) 3,000,000 3,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Treasury stock (in shares) 0 0
Common Stock [Member]    
STOCKHOLDERS’ EQUITY    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 15,000,000 15,000,000
Common stock, shares issued (in shares) 9,305,079 8,523,641
Common stock, shares outstanding (in shares) 9,305,079 8,523,641
Common Stock, Nonvoting [Member]    
STOCKHOLDERS’ EQUITY    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 3,000,000 3,000,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.6.0.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Interest and dividend income:    
Loans receivable, including fees $ 10,678 $ 8,319
Mortgage-backed securities 3,320 3,713
Other investments 8,577 6,243
Total interest and dividend income 22,575 18,275
Interest expense:    
Deposits 938 163
FHLB advances and other borrowings 1,804 557
Total interest expense 2,742 720
Net interest income 19,833 17,555
Provision (recovery) for loan losses 843 786
Net interest income after provision for loan losses 18,990 16,769
Non-interest income:    
Tax product fees 625 135
Card fees 18,414 15,256
Loan fees 870 792
Bank-owned life insurance 448 374
Deposit fees 150 162
Gain (loss) on sale of securities available for sale, net (includes ($1,234) and $21 reclassified from accumulated other comprehensive income (loss) for net gains (losses) on available for sale securities for the three months ended December, 2016 and 2015, respectively) (1,234) 21
Other income (loss) 76 94
Total non-interest income 19,349 16,834
Non-interest expense:    
Compensation and benefits 17,850 14,655
Tax product 78 18
Card processing 5,579 5,234
Occupancy and equipment 3,977 3,379
Legal and consulting 2,723 1,131
Marketing 470 502
Data processing 363 341
Amortization expense 1,525 1,213
Other expense 4,188 3,535
Total non-interest expense 36,753 30,008
Income before income tax expense 1,586 3,595
Income tax expense (includes ($463) and $8 income tax expense (benefit) reclassified from accumulated other comprehensive income (loss) for the three months ended December 31, 2016 and 2015, respectively) 342 (463)
Net income $ 1,244 $ 4,058
Earnings per common share:    
Basic (in dollars per share) $ 0.14 $ 0.49
Diluted (in dollars per share) $ 0.14 $ 0.49
v3.6.0.2
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Non-interest income:    
Net gain (losses) on available for sale securities reclassified from accumulated other comprehensive income (loss) $ (1,234) $ 21
Income tax expense (benefit) reclassified from accumulated other comprehensive income (loss) $ 463 $ (8)
v3.6.0.2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Statement of Comprehensive Income [Abstract]    
Net income $ 1,244 $ 4,058
Other comprehensive income (loss):    
Change in net unrealized gain (loss) on securities (45,268) 2,621
Losses (gains) realized in net income 1,234 (21)
Total available for sale adjustment (44,034) 2,600
LESS: Deferred income tax effect (16,092) 974
Total other comprehensive income (loss) (27,942) 1,626
Total comprehensive income (loss) $ (26,698) $ 5,684
v3.6.0.2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Treasury Stock [Member]
Balance at Sep. 30, 2015 $ 271,335 $ 82 $ 170,749 $ 98,359 $ 2,455 $ (310)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Cash dividends declared on common stock (1,068)     (1,068)    
Issuance of common shares from the sales of equity securities (in shares)   3        
Issuance of common shares from the sales of equity securities 11,617   11,614      
Issuance of common shares due to issuance of stock options, restricted stock and ESOP 1,370   1,060     310
Stock compensation 639   639      
Net change in unrealized gains (losses) on securities, net of income taxes 1,626       1,626  
Net income 4,058     4,058    
Balance at Dec. 31, 2015 289,577 $ 85 184,062 101,349 4,081 0
Balance at Sep. 30, 2016 334,975 85 184,780 127,190 22,920 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Cash dividends declared on common stock (1,195)     (1,195)    
Issuance of common shares due to issuance of stock options, restricted stock and ESOP 3,248 $ 3 3,245     0
Stock compensation 69   69      
Issuance of common shares due to acquisition (in shares)   5        
Issuance of common shares due to acquisitions 37,296   37,291      
Contingent consideration equity earnout due to SCS acquisition 24,091   24,091      
Net change in unrealized gains (losses) on securities, net of income taxes (27,942)       (27,942)  
Net income 1,244     1,244    
Balance at Dec. 31, 2016 $ 371,786 $ 93 $ 249,476 $ 127,239 $ (5,022) $ 0
v3.6.0.2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]    
Cash dividends declared on common stock (in dollars per share) $ 0.39 $ 0.39
v3.6.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net income $ 1,244 $ 4,058
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation, amortization and accretion, net 9,479 8,635
Provision (recovery) for loan losses 843 786
Provision (recovery) for deferred taxes (927) (1,148)
(Gain) loss on other assets (6) (12)
(Gain) loss on sale of securities available for sale, net 1,234 (21)
Capital lease obligations interest expense 31 32
Net change in accrued interest receivable (4,176) (2,954)
Originations of loans held for sale (27,191) 0
Proceeds from sales of loans held for sale 25,968 0
Change in bank-owned life insurance value (448) (374)
Net change in other assets (27,164) (1,857)
Net change in accrued interest payable 1,379 (43)
Net change in accrued expenses and other liabilities 14,224 (11,436)
Net cash provided by (used in) operating activities (5,510) (4,334)
Cash flows from investing activities:    
Purchase of securities available-for-sale (144,024) (135,466)
Proceeds from sales of securities available-for-sale 60,623 27,672
Proceeds from maturities and principal repayments of securities available-for-sale 30,849 25,646
Purchase of securities held to maturity 0 (69,526)
Proceeds from maturities and principal repayments of securities held to maturity 13,301 3,029
Purchase of student loan portfolio (136,172) 0
Proceeds from loan sales 6,525 0
Net change in loans receivable (59,008) (31,660)
Net cash paid for acquisitions (29,425) 0
Federal Home Loan Bank stock purchases (140,680) (193,640)
Federal Home Loan Bank stock redemptions 184,360 213,240
Proceeds from the sale of premises and equipment 58 13
Purchase of premises and equipment (2,899) (1,521)
Net cash provided by (used in) investing activities (216,492) (162,213)
Cash flows from financing activities:    
Net change in checking, savings, and money market deposits 309,726 928,701
Net change in time deposits (3,658) (17,192)
Net change in wholesale deposits 926,987 0
Net change in FHLB and other borrowings (100,000) 50,000
Net change in federal funds (992,000) (540,000)
Net change in securities sold under agreements to repurchase 744 (2,000)
Principal payments on capital lease obligations (18) (31)
Cash dividends paid (1,195) (1,068)
Stock compensation 69 639
Proceeds from issuance of common stock 3,248 12,987
Net cash provided by (used in) financing activities 143,903 432,036
Net change in cash and cash equivalents (78,099) 265,489
Cash and cash equivalents at beginning of period 773,830 27,658
Cash and cash equivalents at end of period 695,731 293,147
Cash paid during the period for:    
Interest 1,362 763
Income taxes 2,110 1,579
Franchise taxes 20 20
Other taxes 1 1
Supplemental schedule of non-cash investing activities:    
Stock issued for acquisitions (37,296) 0
Contingent consideration - cash (17,259) 0
Contingent consideration - equity (24,091) 0
Purchase of available-for-sale securities accrued, not paid $ 0 $ 4,264
v3.6.0.2
BASIS OF PRESENTATION
 3 Months Ended
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION
BASIS OF PRESENTATION

The interim unaudited Condensed Consolidated Financial Statements contained herein should be read in conjunction with the audited consolidated financial statements and accompanying notes to the consolidated financial statements for the fiscal year ended September 30, 2016 included in Meta Financial Group, Inc.’s (“Meta Financial” or the “Company”) Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on December 14, 2016.  Accordingly, footnote disclosures which would substantially duplicate the disclosures contained in the audited consolidated financial statements have been omitted.

The financial information of the Company included herein has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10-Q and Rule 10-01 of Regulation S-X.  Such information reflects all adjustments (consisting of normal recurring adjustments), that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. The results of the three month period ended December 31, 2016 are not necessarily indicative of the results expected for the fiscal year ending September 30, 2017.

The Company reclassified insignificant ERO and taxpayer advance fee income and related expenses during the first quarter of fiscal year 2017 from loan fees and other income to tax product fees and other expenses to tax product expense. Prior period amounts have also been reclassified.
v3.6.0.2
ACQUISITIONS
 3 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]  
ACQUISITIONS
ACQUISITIONS

EPS Financial
On November 1, 2016, the Company, through its wholly-owned subsidiary, MetaBank, completed the acquisition of substantially all of the assets and certain liabilities of EPS Financial, LLC ("EPS") from privately-held Drake Enterprises, Ltd. ("Drake"). The assets acquired by MetaBank in the EPS acquisition include the EPS trade name, operating platform, and other assets. EPS is a leading provider of comprehensive tax-related financial transaction solutions for over 10,000 Electronic Return Originators ("ERO's") nationwide, offering a one-stop-shop for all tax preparer financial transactions. These solutions include a full-suite of refund settlement products, prepaid payroll card solutions and merchant services.
Under the terms of the purchase agreement, the aggregate purchase price, which was based upon the November 1, 2016 tangible book value of EPS, included the payment of $21.9 million in cash, after adjustments, and 369,179 shares of Meta Financial common stock. The Company acquired assets with approximate fair values of $17.9 million of intangible assets, including customer relationships, trademark, and non-compete agreements, and $0.1 million of other assets, resulting in $30.4 million of goodwill.
The following table represents the approximate fair value of assets acquired and liabilities assumed of EPS on the consolidated statement of financial condition as of November 1, 2016.
 
As of November 1, 2016
 
(Dollars in Thousands)
Fair value of consideration paid
 
   Cash
21,877

   Stock issued
26,507

      Total consideration paid
48,384

 
 
Fair value of assets acquired
 
   Intangible assets
17,930

   Other assets
79

      Total assets
18,009

Fair value of net assets acquired
18,009

Goodwill resulting from acquisition
30,375



The Company included the financial results of EPS in its consolidated financial statements subsequent to the acquisition date. The EPS transaction has been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the transaction date. The Company made significant estimates and exercised judgment in estimating fair values and accounting for such acquired assets and liabilities.
The Company recognized goodwill of $30.4 million, which is calculated as the excess of both the consideration exchanged and the liabilities assumed, which were negligible, as compared to the fair value of identifiable assets acquired. Goodwill resulted from expected operational synergies and expanded product lines and is expected to be deductible for tax purposes. See Note 12 to the Condensed Consolidated Financial Statements for further information on goodwill.
The Company recognized $0.5 million of pre-tax transaction related expenses during the first three months of fiscal year 2017. The transaction expenses are reflected on the consolidated statement of operations primarily under legal and consulting.
SCS
On December 14, 2016, the Company, through MetaBank, completed the acquisition of substantially all of the assets and specified liabilities of Specialty Consumer Services LP ("SCS"). The assets acquired by MetaBank in the SCS acquisition include the SCS trade name, propriety underwriting model and loan management system and other assets. SCS primarily provides consumer tax advance and other consumer credit services through its loan management services and other financial products.
Under the terms of the purchase agreement, the aggregate purchase price paid at closing, which was based upon the December 14, 2016 tangible book value of SCS, was approximately $7.5 million in cash and 113,328 shares of Meta Financial common stock. In addition, cash contingent consideration of up to $17.3 million (estimated fair value), payable in cash, and equity contingent consideration of up to 264,431 shares of Meta Financial common stock, will be paid if certain performance benchmarks are achieved subsequent to closing (described more fully below). The Company acquired assets with approximate fair values of $28.1 million of intangible assets, including customer relationships, trademark, and non-compete agreements, and negligible other assets, resulting in goodwill of $31.6 million. All amounts are at estimated fair market values.
Subject to the equity earn-out terms of the purchase agreement, SCS will be eligible to receive up to an aggregate of 264,431 shares of Meta Financial common stock within 20 days after the applicable equity earn-out statement is deemed final if certain targets are achieved. The equity earn-out measurements are as follows; 1) if, as of an equity earn-out measurement date, the anticipated 2018 measured gross profit meets or exceeds the statement amount, MetaBank will deliver to SCS a stated number of shares of Meta common stock; 2) if, as of an equity earn-out measurement date, the aggregate anticipated loan volume under all 2018 eligible contracts is greater than or equal to the agreed upon volume amount, then MetaBank will deliver to SCS a stated number of shares of Meta common stock; and 3) if, as of an equity earn-out measurement date, each agreement specified in the contract is in effect and each such agreement is not amended or modified as of such time (except as approved in writing by the President of MetaBank, in his or her sole discretion), then MetaBank will deliver to SCS a stated number of shares of Meta common stock. None of the equity earn-out payments are contingent on the achievement of any of the other equity earn-out targets.
Subject to the cash earn-out terms of the purchase agreement, MetaBank agreed to pay to SCS an amount equal to 100% of the 2017 measured business gross profit up to a maximum of $17.5 million within 20 days after the date on which each determination of the cash earn-out payment is deemed final.
The Company included the financial results of SCS in its consolidated financial statements subsequent to the acquisition date. The fair value of the liability for the cash contingent consideration was approximately $17.3 million and was included in other liabilities in the Company's consolidated statement of financial condition. The fair value of the equity contingent consideration was approximately $24.1 million at closing and was included in additional paid-in capital in the Company's consolidated statement of financial condition. The respective fair values of the liability and equity were estimated using an option based income valuation method with significant inputs that are not observable in the market and thus represents a Level 3 fair value measurement as defined in the FASB's Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures. The significant inputs in the Level 3 measurement not supported by market activity included our probability assessments of the expected future cash flows related to our acquisition of SCS during the earn-out period.
The following table represents the approximate fair value of assets acquired and liabilities recorded of SCS on the consolidated statement of financial condition as of December 14, 2016.
 
As of December 14, 2016
 
(Dollars in Thousands)
Fair value of transaction consideration
 
   Cash
7,548

   Stock issued
10,789

      Paid consideration
18,337

   Contingent consideration - cash
17,259

   Contingent consideration - equity
24,091

      Contingent consideration payable
41,350

         Total consideration paid
59,687

 
 
Fair value of assets acquired
 
   Intangible assets
28,090

   Other assets
2

      Total assets
28,092

Fair value of net assets acquired
28,092

Goodwill resulting from acquisition
31,595



The SCS transaction has been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the transaction date. The Company made significant estimates and exercised judgment in estimating fair values and accounting for such acquired assets and liabilities. The Company recorded a contingent liability in the amount of $17.3 million million upon completion of the acquisition to reflect the fair market value of the potential cash earn-out payment.
The Company recognized goodwill of $31.6 million, which is calculated as the excess of both the consideration exchanged and the liabilities recorded as compared to the fair value of identifiable assets acquired. Goodwill resulted from expected operational synergies and expanded product lines and is expected to be deductible for tax purposes. See Note 12 to the Condensed Consolidated Financial Statements for further information on goodwill.
The Company recognized $0.5 million of pre-tax transaction related expenses during the first three months of fiscal year 2017. The transaction expenses are reflected on the consolidated statement of operations primarily under legal and consulting.
v3.6.0.2
CREDIT DISCLOSURES
 3 Months Ended
Dec. 31, 2016
Loans and Leases Receivable Disclosure [Abstract]  
CREDIT DISCLOSURES
CREDIT DISCLOSURES

The allowance for loan losses represents management’s estimate of probable loan losses which have been incurred as of the date of the consolidated financial statements.  The allowance for loan losses is increased by a provision for loan losses charged to expense and decreased by charge-offs (net of recoveries).  Estimating the risk of loss and the amount of loss on any loan is necessarily subjective.  Management’s periodic evaluation of the appropriateness of the allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, and current economic conditions.  While management may periodically allocate portions of the allowance for specific problem loan situations, the entire allowance is available for any loan charge-offs that occur.

Loans are considered impaired if full principal or interest payments are not probable in accordance with the contractual loan terms.  Impaired loans are carried at the present value of expected future cash flows discounted at the loan’s effective interest rate or at the fair value of the collateral if the loan is collateral dependent.  A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance.

The allowance consists of specific, general and unallocated components.  The specific component relates to impaired loans.  For such loans, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan.  The general component covers loans not considered impaired and is based on historical loss experience adjusted for qualitative factors.  An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses.  The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio.
Smaller-balance homogeneous loans are collectively evaluated for impairment.  Such loans include premium finance loans, residential first mortgage loans secured by one-to-four family residences, residential construction loans, automobile, manufactured homes, home equity and second mortgage loans, and tax product loans.  Commercial and agricultural loans and mortgage loans secured by other properties are evaluated individually for impairment.  When analysis of borrower operating results and financial condition indicates that underlying cash flows of the borrower’s business are not adequate to meet its debt service requirements, the loan is evaluated for impairment.  Often this is associated with a delay or shortfall in payments of 210 days or more for premium finance loans and 90 days or more for other loan categories.  Non-accrual loans and all troubled debt restructurings are considered impaired.  Impaired loans, or portions thereof, are charged off when deemed uncollectible.

Loans receivable at December 31, 2016 and September 30, 2016 are as follows:
 
December 31, 2016
 
September 30, 2016
 
(Dollars in Thousands)
1-4 Family Real Estate
$
172,877

 
$
162,298

Commercial and Multi-Family Real Estate
440,512

 
422,932

Agricultural Real Estate
64,014

 
63,612

Consumer
173,164

 
37,094

Commercial Operating
50,824

 
31,271

Agricultural Operating
33,617

 
37,083

Premium Finance
179,508

 
171,604

Total Loans Receivable
1,114,516

 
925,894

 
 
 
 
Allowance for Loan Losses
(6,415
)
 
(5,635
)
Net Deferred Loan Origination Fees
(1,031
)
 
(789
)
Total Loans Receivable, Net
$
1,107,070

 
$
919,470

Activity in the allowance for loan losses and balances of loans receivable by portfolio segment for the three months ended December 31, 2016 and 2015 is as follows:

 
1-4 Family
Real Estate
 
Commercial and
Multi-Family
Real Estate
 
Agricultural
Real Estate
 
Consumer
 
Commercial
Operating
 
Agricultural
Operating
 
Premium
Finance
 
Unallocated
 
Total
 
(Dollars in Thousands)
Three Months Ended
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
654

 
$
2,198

 
$
142

 
$
51

 
$
117

 
$
1,332

 
$
588

 
$
553

 
$
5,635

Provision (recovery) for loan losses
—

 
(286
)
 
334

 
(28
)
 
691

 
(3
)
 
110

 
25

 
843

Charge offs
—

 
—

 
—

 
—

 
—

 
—

 
(118
)
 
—

 
(118
)
Recoveries
—

 
—

 
—

 
24

 
5

 
12

 
14

 
—

 
55

Ending balance
$
654

 
$
1,912

 
$
476

 
$
47

 
$
813

 
$
1,341

 
$
594

 
$
578

 
$
6,415

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
11

 
—

 
—

 
—

 
339

 
—

 
—

 
—

 
350

Ending balance: collectively evaluated for impairment
643

 
1,912

 
476

 
47

 
474

 
1,341

 
594

 
578

 
6,065

Total
$
654

 
$
1,912

 
$
476

 
$
47

 
$
813

 
$
1,341

 
$
594

 
$
578

 
$
6,415

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Ending balance: individually
evaluated for impairment
190

 
429

 
—

 
—

 
505

 
—

 
—

 
—

 
1,124

Ending balance: collectively
evaluated for impairment
172,687

 
440,083

 
64,014

 
173,164

 
50,319

 
33,617

 
179,508

 
—

 
1,113,392

Total
$
172,877

 
$
440,512

 
$
64,014

 
$
173,164

 
$
50,824

 
$
33,617

 
$
179,508

 
$
—

 
$
1,114,516

 
1-4 Family
Real Estate
 
Commercial and
Multi-Family
Real Estate
 
Agricultural
Real Estate
 
Consumer
 
Commercial
Operating
 
Agricultural
Operating
 
Premium
Finance
 
Unallocated
 
Total
 
(Dollars in Thousands)
Three Months Ended
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
278

 
$
1,187

 
$
163

 
$
20

 
$
28

 
$
3,537

 
$
293

 
$
749

 
$
6,255

Provision (recovery) for loan losses
7

 
7

 
8

 
—

 
79

 
319

 
506

 
(140
)
 
786

Charge offs
—

 
—

 
—

 
—

 
—

 
—

 
(390
)
 
—

 
(390
)
Recoveries
—

 
—

 
—

 
—

 
—

 
—

 
15

 
—

 
15

Ending balance
$
285

 
$
1,194

 
$
171

 
$
20

 
$
107

 
$
3,856

 
$
424

 
$
609

 
$
6,666

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance: individually
evaluated for impairment
—

 
235

 
—

 
—

 
—

 
3,614

 
—

 
—

 
3,849

Ending balance: collectively
evaluated for impairment
285

 
959

 
171

 
20

 
107

 
242

 
424

 
609

 
2,817

Total
$
285

 
$
1,194

 
$
171

 
$
20

 
$
107

 
$
3,856

 
$
424

 
$
609

 
$
6,666

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Ending balance: individually
evaluated for impairment
117

 
1,341

 
—

 
—

 
8

 
4,832

 
—

 
—

 
6,298

Ending balance: collectively
evaluated for impairment
134,733

 
320,784

 
64,181

 
34,868

 
37,497

 
35,580

 
110,640

 
—

 
738,283

Total
$
134,850

 
$
322,125

 
$
64,181

 
$
34,868

 
$
37,505

 
$
40,412

 
$
110,640

 
$
—

 
$
744,581

Federal regulations promulgated by the Company's primary federal regulator, the Office of the Comptroller of the Currency (the "OCC"), provide for the classification of loans and other assets such as debt and equity securities. The loan classification and risk rating definitions are generally as follows:

Pass- A pass asset is of sufficient quality in terms of repayment, collateral and management to preclude a special mention or an adverse rating.

Watch- A watch asset is generally credit performing well under current terms and conditions but with identifiable weakness meriting additional scrutiny and corrective measures.  Watch is not a regulatory classification but can be used to designate assets that are exhibiting one or more weaknesses that deserve management’s attention.  These assets are of better quality than special mention assets.

Special Mention- Special mention assets are credits with potential weaknesses deserving management’s close attention and if left uncorrected, may result in deterioration of the repayment prospects for the asset.  Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.  Special mention is a temporary status with aggressive credit management required to garner adequate progress and move to watch or higher.

Substandard- A substandard asset is inadequately protected by the net worth and/or repayment ability or by a weak collateral position.  Assets so classified have well-defined weaknesses creating a distinct possibility that the Bank will sustain some loss if the weaknesses are not corrected.  Loss potential does not have to exist for an asset to be classified as substandard.

Doubtful- A doubtful asset has weaknesses similar to those classified substandard, with the degree of weakness causing the likely loss of some principal in any reasonable collection effort.  Due to pending factors the asset’s classification as loss is not yet appropriate.

Loss- A loss asset is considered uncollectible and of such little value that the asset’s continuance on the Bank’s balance sheet is no longer warranted.  This classification does not necessarily mean an asset has no recovery or salvage value leaving room for future collection efforts.

General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets.  When assets are classified as “loss,” the Bank is required either to establish a specific allowance for losses equal to 100% of that portion of the asset so classified or to charge-off such amount.  The Bank’s determinations as to the classification of its assets and the amount of its valuation allowances are subject to review by its regulatory authorities, which may order the establishment of additional general or specific loss allowances.
 
The Company recognizes that concentrations of credit may naturally occur and may take the form of a large volume of related loans to an individual, a specific industry, a geographic location, or an occupation.  Credit concentration is a direct, indirect, or contingent obligation that has a common bond where the aggregate exposure equals or exceeds a certain percentage of the Bank’s Tier 1 Capital plus the Allowance for Loan Losses.
 
The asset classification of loans at December 31, 2016 and September 30, 2016 are as follows:

December 31, 2016
1-4 Family
Real Estate
 
Commercial and
Multi-Family
Real Estate
 
Agricultural
Real Estate
 
Consumer
 
Commercial
Operating
 
Agricultural
Operating
 
Premium
Finance
 
Total
 
(Dollars in Thousands)
Pass
$
171,840

 
$
439,186

 
$
33,272

 
$
173,164

 
$
50,139

 
$
17,815

 
$
179,508

 
$
1,064,924

Watch
197

 
73

 
1,641

 
—

 
180

 
1,999

 
—

 
4,090

Special Mention
663

 
938

 
24,645

 
—

 
—

 
3,286

 
—

 
29,532

Substandard
177

 
315

 
4,456

 
—

 
165

 
10,517

 
—

 
15,630

Doubtful
—

 
—

 
—

 
—

 
340

 
—

 
—

 
340

 
$
172,877

 
$
440,512

 
$
64,014

 
$
173,164

 
$
50,824

 
$
33,617

 
$
179,508

 
$
1,114,516


September 30, 2016
1-4 Family
Real Estate
 
Commercial and
Multi-Family
Real Estate
 
Agricultural
Real Estate
 
Consumer
 
Commercial
Operating
 
Agricultural
Operating
 
Premium
Finance
 
Total
 
(Dollars in Thousands)
Pass
$
161,255

 
$
421,577

 
$
34,421

 
$
37,094

 
$
30,574

 
$
19,669

 
$
171,604

 
$
876,194

Watch
200

 
72

 
2,934

 
—

 
184

 
4,625

 
—

 
8,015

Special Mention
666

 
962

 
25,675

 
—

 
—

 
5,407

 
—

 
32,710

Substandard
177

 
321

 
582

 
—

 
513

 
7,382

 
—

 
8,975

Doubtful
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
$
162,298

 
$
422,932

 
$
63,612

 
$
37,094

 
$
31,271

 
$
37,083

 
$
171,604

 
$
925,894



One-to-Four Family Residential Mortgage Lending.  One-to-four family residential mortgage loan originations are generated by the Company’s marketing efforts, its present customers, walk-in customers and referrals. The Company offers fixed-rate and adjustable rate mortgage (“ARM”) loans for both permanent structures and those under construction.  The Company’s one-to-four family residential mortgage originations are secured primarily by properties located in its primary market area and surrounding areas.

The Company originates one-to-four family residential mortgage loans with terms up to a maximum of 30 years and with loan-to-value ratios up to 100% of the lesser of the appraised value of the security property or the contract price.  The Company generally requires that private mortgage insurance be obtained in an amount sufficient to reduce the Company’s exposure to at or below the 80% loan‑to‑value level. Residential loans generally do not include prepayment penalties.

Due to consumer demand, the Company offers fixed-rate mortgage loans with terms up to 30 years, most of which conform to secondary market, i.e., Fannie Mae, Ginnie Mae, and Freddie Mac standards.  The Company typically holds all fixed-rate mortgage loans and does not engage in secondary market sales.  Interest rates charged on these fixed-rate loans are competitively priced according to market conditions.

The Company also currently offers five- and ten-year ARM loans.  These loans have a fixed-rate for the stated period and, thereafter, adjust annually.  These loans generally provide for an annual cap of up to 200 basis points and a lifetime cap of 600 basis points over the initial rate.  As a consequence of using an initial fixed-rate and caps, the interest rates on these loans may not be as rate sensitive as the Company’s cost of funds.  The Company’s ARMs do not permit negative amortization of principal and are not convertible into fixed-rate loans.  The Company’s delinquency experience on its ARM loans has generally been similar to its experience on fixed-rate residential loans.  The current low mortgage interest rate environment makes ARM loans relatively unattractive and very few are currently being originated.

In underwriting one-to-four family residential real estate loans, the Company evaluates both the borrower’s ability to make monthly payments and the value of the property securing the loan.  Properties securing real estate loans made by the Company are appraised by independent appraisers approved by the Board of Directors.  The Company generally requires borrowers to obtain an attorney’s title opinion or title insurance, and fire and property insurance (including flood insurance, if necessary) in an amount not less than the amount of the loan.  Real estate loans originated by the Company generally contain a “due on sale” clause allowing the Company to declare the unpaid principal balance due and payable upon the sale of the security property.  The Company has not engaged in sub-prime residential mortgage originations.

Commercial and Multi-Family Real Estate Lending.  The Company engages in commercial and multi-family real estate lending in its primary market area and surrounding areas and, in order to supplement its loan portfolio, has purchased whole loan and participation interests in loans from other financial institutions.  The purchased loans and loan participation interests are generally secured by properties primarily located in the Midwest.
The Company’s commercial and multi-family real estate loan portfolio is secured primarily by apartment buildings, office buildings and hotels.  Commercial and multi-family real estate loans generally are underwritten with terms not exceeding 20 years, have loan-to-value ratios of up to 80% of the appraised value of the security property, and are typically secured by guarantees of the borrowers.  The Company has a variety of rate adjustment features and other terms in its commercial and multi-family real estate loan portfolio.  Commercial and multi-family real estate loans provide for a margin over a number of different indices.  In underwriting these loans, the Company analyzes the financial condition of the borrower, the borrower’s credit history, and the reliability and predictability of the cash flow generated by the property securing the loan.  Appraisals on properties securing commercial real estate loans originated by the Company are performed by independent appraisers.

Commercial and multi-family real estate loans generally present a higher level of risk than loans secured by one-to-four family residences.  This greater risk is due to several factors, including the concentration of principal in a limited number of loans and borrowers, the effect of general economic conditions on income producing properties and the increased difficulty of evaluating and monitoring these types of loans.  Furthermore, the repayment of loans secured by commercial and multi-family real estate is typically dependent upon the successful operation of the related real estate project.  If the cash flow from the project is reduced (for example, if leases are not obtained or renewed, or a bankruptcy court modifies a lease term, or a major tenant is unable to fulfill its lease obligations), the borrower’s ability to repay the loan may be impaired.

Agricultural Lending.  The Company originates loans to finance the purchase of farmland, livestock, farm machinery and equipment, seed, fertilizer and other farm-related products.  Agricultural operating loans are originated at either an adjustable or fixed rate of interest for up to a one year term or, in the case of livestock, upon sale.  Such loans provide for payments of principal and interest at least annually or a lump sum payment upon maturity if the original term is less than one year.  Loans secured by agricultural machinery are generally originated as fixed-rate loans with terms of up to seven years.

Agricultural real estate loans are frequently originated with adjustable rates of interest.  Generally, such loans provide for a fixed rate of interest for the first five to ten years, which then balloon or adjust annually thereafter.  In addition, such loans generally amortize over a period of 20 to 25 years.  Fixed-rate agricultural real estate loans generally have terms up to ten years.  Agricultural real estate loans are generally limited to 75% of the value of the property securing the loan.

Agricultural lending affords the Company the opportunity to earn yields higher than those obtainable on one-to-four family residential lending, but involves a greater degree of risk than one-to-four family residential mortgage loans because of the typically larger loan amount.  In addition, payments on loans are dependent on the successful operation or management of the farm property securing the loan or for which an operating loan is utilized.  The success of the loan may also be affected by many factors outside the control of the borrower.

Weather presents one of the greatest risks as hail, drought, floods, or other conditions can severely limit crop yields and thus impair loan repayments and the value of the underlying collateral.  This risk can be reduced by the farmer with a variety of insurance coverages which can help to ensure loan repayment.  Government support programs and the Company generally require that farmers procure crop insurance coverage.  Grain and livestock prices also present a risk as prices may decline prior to sale, resulting in a failure to cover production costs.  These risks may be reduced by the farmer with the use of futures contracts or options to mitigate price risk.  The Company frequently requires borrowers to use futures contracts or options to reduce price risk and help ensure loan repayment.  Another risk is the uncertainty of government programs and other regulations.  During periods of low commodity prices, the income from government programs can be a significant source of cash for the borrower to make loan payments, and if these programs are discontinued or significantly changed, cash flow problems or defaults could result.  Finally, many farms are dependent on a limited number of key individuals whose injury or death may result in an inability to successfully operate the farm.

Consumer Lending.  The Company originates a variety of secured consumer loans, including home equity, home improvement, automobile, boat and loans secured by savings deposits.  In addition, the Company offers other secured and unsecured consumer loans and currently originates most of its consumer loans in its primary market area and surrounding areas.

The Company also purchased a seasoned, floating rate, private student loan portfolio in December 2016. The portfolio is serviced by ReliaMax Lending Services, LLC and insured by ReliaMax Surety Company. All loans are indexed to three-month LIBOR plus various margins.

The Retail Bank’s consumer loan portfolio primarily consists of home equity loans and lines of credit.  Substantially all of the Retail Bank’s home equity loans and lines of credit are secured by second mortgages on principal residences.  The Retail Bank will lend amounts which, together with all prior liens, may be up to 90% of the appraised value of the property securing the loan.  Home equity loans and lines of credit generally have maximum terms of five years.

The Retail Bank primarily originates automobile loans on a direct basis to the borrower, as opposed to indirect loans, which are made when the Retail Bank purchases loan contracts, often at a discount, from automobile dealers which have extended credit to their customers.  The Bank’s automobile loans typically are originated at fixed interest rates with terms of up to 60 months for new and used vehicles.  Loans secured by automobiles are generally originated for up to 80% of the N.A.D.A. book value of the automobile securing the loan.

Consumer loan terms vary according to the type and value of collateral, length of contract and creditworthiness of the borrower.  The underwriting standards employed by the Bank for consumer loans include an application, a determination of the applicant’s payment history on other debts and an assessment of ability to meet existing obligations and payments on the proposed loan.  Although creditworthiness of the applicant is a primary consideration, the underwriting process also may include a comparison of the value of the security, if any, in relation to the proposed loan amount.

Consumer loans may entail greater credit risk than residential mortgage loans, particularly in the case of consumer loans which are unsecured or are secured by rapidly depreciable assets, such as automobiles or recreational equipment.  In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation.  In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus more likely to be affected by adverse personal circumstances.  Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans.

Consumer Lending- Meta Payment Systems (“MPS”).  The Company believes that well-managed, nationwide credit programs can help meet legitimate credit needs for prime and sub-prime borrowers, and affords the Company an opportunity to diversify the loan portfolio and minimize earnings exposure due to economic downturns.  Therefore, MPS designs and administers certain credit programs that seek to accomplish these objectives.  The MPS Credit Committee, consisting of members of executive management of the Company, is charged with monitoring, evaluating and reporting portfolio performance and the overall credit risk posed by its credit products. All proposed credit programs must first be reviewed and approved by the committee before such programs are presented to the Bank’s Board of Directors for approval.  The Board of Directors of the Bank is ultimately responsible for final approval of any credit program.

MPS strives to offer consumers innovative payment products, including credit products.  Most credit products have fallen into the category of portfolio lending.  MPS continues developing new alternative portfolio lending products primarily to serve its customer base and to provide innovative lending solutions to the unbanked and under-banked segment.

A Portfolio Credit Policy, which has been approved by the Board of Directors, governs portfolio credit initiatives undertaken by MPS, whereby the Company retains some or all receivables and relies on the borrower as the underlying source of repayment.  Several portfolio lending programs also have a contractual provision that requires the Bank to be indemnified for credit losses that meet or exceed predetermined levels.  Such a program carries additional risks not commonly found in sponsorship programs, specifically funding and credit risk.  Therefore, MPS has strived to employ policies, procedures and information systems that it believes commensurate with the added risk and exposure.

The Company recognizes concentrations of credit may naturally occur and may take the form of a large volume of related loans to an individual, a specific industry, a geographic location or an occupation. Credit concentration is a direct, indirect or contingent obligation that has a common bond where the aggregate exposure equals or exceeds a certain percentage of the Bank’s Tier 1 Capital plus the Allowance for Loan Losses. The MPS Credit Committee monitors and identifies the credit concentrations in accordance with the Bank’s concentration policy and evaluates the specific nature of each concentration to determine the potential risk to the Bank. An evaluation includes the following:
•
A recommendation regarding additional controls needed to mitigate the concentration exposure.
•
A limitation or cap placed on the size of the concentration.
•
The potential necessity for increased capital and/or credit reserves to cover the increased risk caused by the concentration(s).
•
A strategy to reduce to acceptable levels those concentration(s) that are determined to create undue risk to the Bank.
Through its tax divisions, MetaBank also provides short-term consumer refund advance loans. Taxpayers are underwritten to determine eligibility for the advances and the advances are unsecured. These consumer loans are interest and fee free to the consumer. Due to the nature of consumer advance loans, it typically takes no more than three e-file cycles, the period of time between scheduled IRS payments, from when the return is accepted to collect. In the event of default, MetaBank has no recourse with the tax consumer. Generally, when the refund advance loan becomes delinquent for 90 days or more, or when collection of principal becomes doubtful, the Company will charge off the loan balance. The Company expects this portfolio to expand significantly following its agreements with H&R Block and Jackson Hewitt to offer such loans during the 2017 tax season.
Certain tax consumer loan balances are classified as held for sale on the statement of financial condition as they will be sold to participating financial institutions.
Commercial Operating Lending.  The Company also originates commercial operating loans.  Most of the Company’s commercial operating loans have been extended to finance local and regional businesses and include short-term loans to finance machinery and equipment purchases, inventory and accounts receivable, and operating costs for the Company’s network of tax electronic return originators (“EROs”).  Commercial loans also may involve the extension of revolving credit for a combination of equipment acquisitions and working capital in expanding companies.

The maximum term for loans extended on machinery and equipment is based on the projected useful life of such machinery and equipment.  Generally, the maximum term on non-mortgage lines of credit is one year.  The loan-to-value ratio on such loans and lines of credit generally may not exceed 80% of the value of the collateral securing the loan.  ERO loans are not collateralized.  The Company’s commercial operating lending policy includes credit file documentation and analysis of the borrower’s character, capacity to repay the loan, the adequacy of the borrower’s capital and collateral as well as an evaluation of conditions affecting the borrower.  Analysis of the borrower’s past, present and future cash flows is also an important aspect of the Company’s current credit analysis.  Nonetheless, such loans are believed to carry higher credit risk than more traditional lending activities.

Unlike residential mortgage loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment and other income and which are secured by real property whose value tends to be more easily ascertainable, commercial operating loans typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business.  As a result, the availability of funds for the repayment of commercial operating loans may be substantially dependent on the success of the business itself (which, in turn, is likely to be dependent upon the general economic environment).  The Company’s commercial operating loans are usually, but not always, secured by business assets and personal guarantees.  However, the collateral securing the loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business.

Through its Refund Advantage and EPS divisions, MetaBank also provides short-term ERO advance loans on a nation-wide basis. These loans are typically utilized to purchase tax preparation software and to prepare tax offices for the upcoming season. EROs go through an underwriting process to determine eligibility for the advances and the advances are unsecured. Due to the nature of ERO advance loans, it typically takes no more than three e-file cycles once the return is accepted to begin collection. Generally, when the ERO advance loan becomes delinquent for 90 days or more, or when collection of principal becomes doubtful, the Company will charge off the loan balance.

Premium Finance Lending.  Through its AFS/IBEX division, MetaBank provides short-term and primarily collateralized financing to facilitate the commercial customers’ purchase of insurance for various forms of risk otherwise known as insurance premium financing.  This includes, but is not limited to, policies for commercial property, casualty and liability risk.  The AFS/IBEX division markets itself to the insurance community as a competitive option based on service, reputation, competitive terms, cost and ease of operation.

Insurance premium financing is the business of extending credit to a policyholder to pay for insurance premiums when the insurance carrier requires payment in full at inception of coverage.  Premiums are advanced either directly to the insurance carrier or through an intermediary/broker and repaid by the policyholder with interest during the policy term.  The policyholder generally makes a 20% to 25% down payment to the insurance broker and finances the remainder over nine to ten months on average.  The down payment is set such that if the policy is canceled, the unearned premium returned is typically sufficient to cover the loan balance, accrued interest and other charges due.

Due to the nature of collateral for commercial premium finance receivables, it customarily takes 60-210 days to convert the collateral into cash.  In the event of default, AFS/IBEX, by statute and contract, has the power to cancel the insurance policy and establish a first position lien on the unearned portion of the premium from the insurance carrier. Due to notification requirements and processing time by most insurance carriers, many receivables will become delinquent beyond 90 days while the insurer is processing the return of the unearned premium.  Generally, when a premium finance loan becomes delinquent for 210 days or more, or when collection of principal or interest becomes doubtful, the Company will charge off the loan balance and any remaining interest and fees after applying any collection from the insurance company.

Past due loans at December 31, 2016 and September 30, 2016 were as follows:

December 31, 2016
30-59 Days
Past Due
 
60-89 Days
Past Due
 
Greater Than
90 Days
 
Total Past
Due
 
Current
 
Non-Accrual
Loans
 
Total Loans
Receivable
 
(Dollars in Thousands)
1-4 Family Real Estate
$
98

 
$
—

 
$
382

 
$
480

 
$
172,285

 
$
112

 
$
172,877

Commercial and Multi-Family Real Estate
3,040

 
155

 
—

 
3,195

 
437,317

 
—

 
440,512

Agricultural Real Estate
1,146

 
1,060

 
—

 
2,206

 
61,808

 
—

 
64,014

Consumer
309

 
—

 
29

 
338

 
172,826

 
—

 
173,164

Commercial Operating
—

 
—

 
—

 
—

 
50,319

 
505

 
50,824

Agricultural Operating
—

 
—

 
—

 
—

 
33,617

 
—

 
33,617

Premium Finance
1,080

 
431

 
1,207

 
2,718

 
176,790

 
—

 
179,508

Total
$
5,673

 
$
1,646

 
$
1,618

 
$
8,937

 
$
1,104,962

 
$
617

 
$
1,114,516



September 30, 2016
30-59 Days
Past Due
 
60-89 Days
Past Due
 
Greater Than
90 Days
 
Total Past
Due
 
Current
 
Non-Accrual
Loans
 
Total Loans
Receivable
 
(Dollars in Thousands)
1-4 Family Real Estate
$
—

 
$
30

 
$
—

 
$
30

 
$
162,185

 
$
83

 
$
162,298

Commercial and Multi-Family Real Estate
—

 
—

 
—

 
—

 
422,932

 
—

 
422,932

Agricultural Real Estate
—

 
—

 
—

 
—

 
63,612

 
—

 
63,612

Consumer
—

 
—

 
53

 
53

 
37,041

 
—

 
37,094

Commercial Operating
151

 
354

 
—

 
505

 
30,766

 
—

 
31,271

Agricultural Operating
—

 
—

 
—

 
—

 
37,083

 
—

 
37,083

Premium Finance
1,398

 
275

 
965

 
2,638

 
168,966

 
—

 
171,604

Total
$
1,549

 
$
659

 
$
1,018

 
$
3,226

 
$
922,585

 
$
83

 
$
925,894



When analysis of borrower operating results and financial condition indicates that underlying cash flows of the borrower’s business are not adequate to meet its debt service requirements, the loan is evaluated for impairment.  Often this is associated with a delay or shortfall in payments of 210 days or more for premium finance loans and 90 days or more for other loan categories.  As of December 31, 2016, there were no Premium Finance loans greater than 210 days past due.
Impaired loans at December 31, 2016 and September 30, 2016 were as follows:

 
Recorded
Balance
 
Unpaid Principal
Balance
 
Specific
Allowance
December 31, 2016
(Dollars in Thousands)
Loans without a specific valuation allowance
 
 
 
 
 
1-4 Family Real Estate
$
112

 
$
112

 
$
—

Commercial and Multi-Family Real Estate
429

 
429

 
—

Total
$
541

 
$
541

 
$
—

Loans with a specific valuation allowance
 

 
 

 
 

1-4 Family Real Estate
$
78

 
$
78

 
$
11

Commercial Operating
$
505

 
$
505

 
$
339

Total
$
583

 
$
583

 
$
350

 
Recorded
Balance
 
Unpaid Principal
Balance
 
Specific
Allowance
September 30, 2016
(Dollars in Thousands)
Loans without a specific valuation allowance
 
 
 
 
 
1-4 Family Real Estate
$
84

 
$
84

 
$
—

Commercial and Multi-Family Real Estate
433

 
433

 
—

Total
$
517

 
$
517

 
$
—

Loans with a specific valuation allowance
 

 
 

 
 

1-4 Family Real Estate
$
78

 
$
78

 
$
10

Total
$
78

 
$
78

 
$
10


The following table provides the average recorded investment in impaired loans for the three month periods ended December 31, 2016 and 2015.

 
Three Months Ended December 31,
 
 
2016
 
2015
 
 
Average
Recorded
Investment
 
Average
Recorded
Investment
 
 
(Dollars in Thousands)
1-4 Family Real Estate
$
172

 
$
119

 
Commercial and Multi-Family Real Estate
432

 
1,347

 
Commercial Operating
168

 
10

 
Agricultural Operating
—

 
5,032

 
Total
$
772

 
$
6,508

 


The Company’s troubled debt restructurings (“TDR”) typically involve forgiving a portion of interest or principal on existing loans or making loans at a rate materially less than current market rates. There were no loans modified in a TDR during the three month periods ended December 31, 2016 and 2015.  Additionally, there were no TDR loans for which there was a payment default during the three month periods ended December 31, 2016 and 2015 that had been modified during the 12-month period prior to the default.
v3.6.0.2
ALLOWANCE FOR LOAN LOSSES
 3 Months Ended
Dec. 31, 2016
Receivables [Abstract]  
ALLOWANCE FOR LOAN LOSSES
ALLOWANCE FOR LOAN LOSSES

At December 31, 2016, the Company’s allowance for loan losses increased to $6.4 million from $5.6 million at September 30, 2016.  During the three months ended December 31, 2016, the Company recorded a provision for loan losses of $0.8 million. The Company had $0.1 million of net charge offs for the three months ended December 31, 2016, compared to $0.4 million for the three months ended December 31, 2015.

The allowance for loan losses is established through the provision for loan losses based on management’s evaluation of the risk inherent in its loan portfolio and changes in the nature and volume of its loan activity, including those loans which are being specifically monitored by management.  Such evaluation, which includes a review of loans for which full collectability may not be reasonably assured, considers, among other matters, the estimated fair value of the underlying collateral, economic conditions, historical loan loss experience and other factors that warrant recognition in providing for an appropriate loan loss allowance.

Management closely monitors economic developments both regionally and nationwide, and considers these factors when assessing the appropriateness of its allowance for loan losses.  The current economic environment continues to show signs of improvement in the Bank’s markets.  The Bank’s average loss rates over the past three years were low, offset with a higher agricultural loss rate in fiscal year 2016 driven by the charge off of one relationship.The Bank does not believe it is likely these low loss conditions will continue indefinitely.  Although the Bank’s four market areas have indirectly benefited from a stable agricultural market, the market has become slightly stressed as commodity prices have remained lower than a few years ago. Management expects that future losses in the agriculture operations and agriculture real estate loan portfolios could be higher than recent historical experience. Management believes the low commodity prices and high land rents have the potential to negatively impact the economies of our agricultural markets.

Management believes that, based on a detailed review of the loan portfolio, historic loan losses, current economic conditions, the size of the loan portfolio and other factors, the current level of the allowance for loan losses at December 31, 2016, reflects an appropriate allowance against probable losses from the loan portfolio.  Although the Company maintains its allowance for loan losses at a level it considers to be appropriate, investors and others are cautioned that there can be no assurance that future losses will not exceed estimated amounts, or that additional provisions for loan losses will not be required in future periods.  In addition, the Company’s determination of the allowance for loan losses is subject to review by the OCC, which can require the establishment of additional general or specific allowances.

Real estate properties acquired through foreclosure are recorded at fair value.  If fair value at the date of foreclosure is lower than the balance of the related loan, the difference will be charged to the allowance for loan losses at the time of transfer.  Valuations are periodically updated by management and, if the value declines, a specific provision for losses on such property is established by a charge to operations.
v3.6.0.2
EARNINGS PER COMMON SHARE ("EPS")
 3 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE ("EPS")
EARNINGS PER COMMON SHARE (“EPS”)

Basic EPS is based on the net income divided by the weighted average number of common shares outstanding during the period.  Allocated Employee Stock Ownership Plan (“ESOP”) shares are considered outstanding for EPS calculations, as they are committed to be released; unallocated ESOP shares are not considered outstanding.  All ESOP shares were allocated as of December 31, 2016 and September 30, 2016.  Diluted EPS shows the dilutive effect of additional common shares issuable pursuant to stock option agreements.

A reconciliation of net income and common stock share amounts used in the computation of basic and diluted EPS for the three months ended December 31, 2016 and 2015 is presented below.

Three Months Ended December 31,
2016
 
2015
(Dollars in Thousands, Except Share and Per Share Data)
 
 
 
Earnings
 
 
 
Net Income
$
1,244

 
$
4,058

 
 
 
 
Basic EPS
 

 
 

Weighted average common shares outstanding
8,938,339

 
8,245,368

LESS: weighted average nonvested shares
151,312

 
27,311

Weighted average common shares outstanding
8,787,027

 
8,218,057

 
 
 
 
Earnings Per Common Share
 

 
 

Basic
$
0.14

 
$
0.49

 
 
 
 
Diluted EPS
 

 
 

Weighted average common shares outstanding for basic earnings per common share
8,787,027

 
8,218,057

Dilutive effect of assumed exercises of stock options, net of tax benefits
82,050

 
66,198

Weighted average common and dilutive potential common shares outstanding
8,869,077

 
8,284,255

 
 
 
 
Earnings Per Common Share
 

 
 

Diluted
$
0.14

 
$
0.49


All stock options and shares under the treasury stock method were considered in computing diluted EPS for the three months ended December 31, 2016 and 2015.
v3.6.0.2
SECURITIES
 3 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
SECURITIES
SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair values of available for sale and held to maturity securities at December 31, 2016 and September 30, 2016 are presented below.

Available For Sale
 
 
GROSS

 
GROSS

 
 
At December 31, 2016
AMORTIZED
COST

 
UNREALIZED
GAINS

 
UNREALIZED
(LOSSES)

 
FAIR
VALUE

 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
Small business administration securities
78,396

 
1,104

 
(52
)
 
79,448

Non-bank qualified obligations of states and political subdivisions
740,723

 
3,432

 
(6,172
)
 
737,983

Asset-backed securities
118,085

 
791

 
(729
)
 
118,147

Mortgage-backed securities
543,698

 
497

 
(9,256
)
 
534,939

Total debt securities
1,480,902

 
5,824

 
(16,209
)
 
1,470,517

Common equities and mutual funds
856

 
406

 
(8
)
 
1,254

Total available for sale securities
$
1,481,758

 
$
6,230

 
$
(16,217
)
 
$
1,471,771


At September 30, 2016
AMORTIZED
COST

 
GROSS
UNREALIZED
GAINS

 
GROSS
UNREALIZED
(LOSSES)

 
FAIR
VALUE

 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
Trust preferred securities
$
14,935

 
$
—

 
$
(1,957
)
 
$
12,978

Small business administration securities
78,431

 
2,288

 
—

 
80,719

Non-bank qualified obligations of states and political subdivisions
668,628

 
30,141

 
(97
)
 
698,672

 Asset-backed securities
117,487

 
73

 
(745
)
 
116,815

Mortgage-backed securities
555,036

 
4,382

 
(478
)
 
558,940

Total debt securities
1,434,517

 
36,884

 
(3,277
)
 
1,468,124

Common equities and mutual funds
755

 
373

 
(3
)
 
1,125

Total available for sale securities
$
1,435,272

 
$
37,257

 
$
(3,280
)
 
$
1,469,249


Held to Maturity
 
 
GROSS

 
GROSS

 
 
At December 31, 2016
AMORTIZED
COST

 
UNREALIZED
GAINS

 
UNREALIZED
(LOSSES)

 
FAIR
VALUE

 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
20,352

 
$
45

 
$
(278
)
 
$
20,119

Non-bank qualified obligations of states and political subdivisions
458,259

 
1,326

 
(5,072
)
 
454,513

Mortgage-backed securities
126,365

 
—

 
(1,896
)
 
124,469

Total held to maturity securities
$
604,976

 
$
1,371

 
$
(7,246
)
 
$
599,101

At September 30, 2016
AMORTIZED
COST

 
GROSS
UNREALIZED
GAINS

 
GROSS
UNREALIZED
(LOSSES)

 
FAIR
VALUE

 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
20,626

 
$
355

 
$
(44
)
 
$
20,937

Non-bank qualified obligations of states and political subdivisions
465,469

 
11,744

 
(11
)
 
477,202

Mortgage-backed securities
133,758

 
708

 
(31
)
 
134,435

Total held to maturity securities
$
619,853

 
$
12,807

 
$
(86
)
 
$
632,574



Included in securities available for sale are trust preferred securities as follows:

During the first quarter of fiscal 2017, the Company sold all trust preferred securities.

At September 30, 2016
 
 
 
 
 
 
 
 
     
Issuer
Amortized Cost
 
Fair Value
 
Unrealized
Gain (Loss)
 
S&P
Credit Rating
 
Moody's
Credit Rating
 
(Dollars in Thousands)
 
 
 
  
Key Corp. Capital I
$
4,987

 
$
4,189

 
$
(798
)
 
BB+
 
Baa2
Huntington Capital Trust II SE
4,981

 
4,077

 
(904
)
 
BB
 
Baa2
PNC Capital Trust
4,968

 
4,712

 
(256
)
 
BBB-
 
Baa1
Total
$
14,936

 
$
12,978

 
$
(1,958
)
 
 
 
  

 

Management has implemented a process to identify securities with potential credit impairment that are other-than-temporary.  This process involves evaluation of the length of time and extent to which the fair value has been less than the amortized cost basis, review of available information regarding the financial position of the issuer, monitoring the rating, watch, and outlook of the security, monitoring changes in value, cash flow projections, and the Company’s intent to sell a security or whether it is more likely than not we will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity.  To the extent we determine that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized.

For all securities considered temporarily impaired, the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost, which may occur at maturity.  The Company believes it will collect all principal and interest due on all investments with amortized cost in excess of fair value and considered only temporarily impaired.

Generally accepted accounting principles require that, at acquisition, an enterprise classify debt securities into one of three categories: Available for sale (“AFS”), Held to Maturity (“HTM”) or trading. AFS securities are carried at fair value on the consolidated statements of financial condition, and unrealized holding gains and losses are excluded from earnings and recognized as a separate component of equity in accumulated other comprehensive income (“AOCI”). HTM debt securities are measured at amortized cost. Both AFS and HTM are subject to review for other-than-temporary impairment. The Company did not have any trading securities at December 31, 2016 or September 30, 2016.
Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2016 and September 30, 2016, were as follows:

Available For Sale
LESS THAN 12 MONTHS
 
OVER 12 MONTHS
 
TOTAL
At December 31, 2016
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
 
 
 
 
   Small business administration securities
$
28,331

 
$
(52
)
 
$
—

 
$
—

 
$
28,331

 
$
(52
)
Non-bank qualified obligations of states and political subdivisions
396,493

 
(6,002
)
 
2,561

 
(170
)
 
399,054

 
(6,172
)
Asset-backed securities
50,481

 
(729
)
 
—

 
—

 
50,481

 
(729
)
Mortgage-backed securities
473,394

 
(8,333
)
 
34,794

 
(923
)
 
508,188

 
(9,256
)
Total debt securities
948,699

 
(15,116
)
 
37,355

 
(1,093
)
 
986,054

 
(16,209
)
Common equities and mutual funds
—

 
—

 
120

 
(8
)
 
120

 
(8
)
Total available for sale securities
$
948,699

 
$
(15,116
)
 
$
37,475

 
$
(1,101
)
 
$
986,174

 
$
(16,217
)

 
LESS THAN 12 MONTHS
 
OVER 12 MONTHS
 
TOTAL
At September 30, 2016
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
 
 
 
 
Trust preferred securities
$
—

 
$
—

 
$
12,978

 
$
(1,957
)
 
$
12,978

 
$
(1,957
)
Non-bank qualified obligations of states and political subdivisions
8,481

 
(58
)
 
2,688

 
(39
)
 
11,169

 
(97
)
Asset-backed securities
89,403

 
(745
)
 
—

 
—

 
89,403

 
(745
)
Mortgage-backed securities
54,065

 
(230
)
 
36,979

 
(248
)
 
91,044

 
(478
)
Total debt securities
151,949

 
(1,033
)
 
52,645

 
(2,244
)
 
204,594

 
(3,277
)
Common equities and mutual funds
—

 
—

 
125

 
(3
)
 
125

 
(3
)
Total available for sale securities
$
151,949

 
$
(1,033
)
 
$
52,770

 
$
(2,247
)
 
$
204,719

 
$
(3,280
)

Held To Maturity
LESS THAN 12 MONTHS
 
OVER 12 MONTHS
 
TOTAL
At December 31, 2016
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
14,552

 
$
(230
)
 
$
2,236

 
$
(48
)
 
$
16,788

 
$
(278
)
Non-bank qualified obligations of states and political subdivisions
356,031

 
(5,072
)
 
—

 
—

 
356,031

 
(5,072
)
Mortgage-backed securities
124,469

 
(1,896
)
 
—

 
—

 
124,469

 
(1,896
)
Total held to maturity securities
$
495,052

 
$
(7,198
)
 
$
2,236

 
$
(48
)
 
$
497,288

 
$
(7,246
)
 
LESS THAN 12 MONTHS
 
OVER 12 MONTHS
 
TOTAL
At September 30, 2016
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
Fair Value
 
Unrealized
(Losses)
 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
2,909

 
$
(13
)
 
$
2,256

 
$
(31
)
 
$
5,165

 
$
(44
)
Non-bank qualified obligations of states and political subdivisions
1,294

 
(11
)
 
—

 
—

 
1,294

 
(11
)
Mortgage-backed securities
20,061

 
(31
)
 
—

 
—

 
20,061

 
(31
)
Total held to maturity securities
$
24,264

 
$
(55
)
 
$
2,256

 
$
(31
)
 
$
26,520

 
$
(86
)


At December 31, 2016, the investment portfolio included securities with current unrealized losses which have existed for longer than one year.  All of these securities are considered to be acceptable credit risks.  Because the declines in fair value were due to changes in market interest rates, not in estimated cash flows, and the Company does not intend to sell these securities (has not made a decision to sell) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, which may occur at maturity, no other-than-temporary impairment was recorded at December 31, 2016.

The amortized cost and fair value of debt securities by contractual maturity are shown below.  Certain securities have call features which allow the issuer to call the security prior to maturity.  Expected maturities may differ from contractual maturities in mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.  Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary.  The expected maturities of certain Small Business Administration and certain asset-backed securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply.

Available For Sale
AMORTIZED
COST

 
FAIR
VALUE

 
At December 31, 2016
(Dollars in Thousands)
 
 
 
 
Due in one year or less
$
—

 
$
—

Due after one year through five years
13,248

 
13,386

Due after five years through ten years
408,123

 
410,652

Due after ten years
515,833

 
511,540

 
937,204

 
935,578

Mortgage-backed securities
543,698

 
534,939

Common equities and mutual funds
856

 
1,254

Total available for sale securities
$
1,481,758

 
$
1,471,771

 
AMORTIZED
COST

 
FAIR
VALUE

At September 30, 2016
(Dollars in Thousands)
 
 
 
 
Due in one year or less
$
—

 
$
—

Due after one year through five years
17,370

 
17,897

Due after five years through ten years
426,034

 
446,771

Due after ten years
436,077

 
444,516

 
879,481

 
909,184

Mortgage-backed securities
555,036

 
558,940

Common equities and mutual funds
755

 
1,125

Total available for sale securities
$
1,435,272

 
$
1,469,249

Held To Maturity
AMORTIZED
COST

 
FAIR
VALUE

 
At December 31, 2016
(Dollars in Thousands)
 
 
 
 
Due in one year or less
$
341

 
$
341

Due after one year through five years
12,648

 
12,618

Due after five years through ten years
157,174

 
156,228

Due after ten years
308,448

 
305,445

 
478,611

 
474,632

Mortgage-backed securities
126,365

 
124,469

Total held to maturity securities
$
604,976

 
$
599,101


 
AMORTIZED
COST

 
FAIR
VALUE

At September 30, 2016
(Dollars in Thousands)
Due in one year or less
$
472

 
$
471

Due after one year through five years
12,502

 
12,696

Due after five years through ten years
157,944

 
163,806

Due after ten years
315,177

 
321,166

 
486,095

 
498,139

Mortgage-backed securities
133,758

 
134,435

Total held to maturity securities
$
619,853

 
$
632,574
v3.6.0.2
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Bank makes various commitments to extend credit which are not reflected in the accompanying consolidated financial statements.

At December 31, 2016 and September 30, 2016, unfunded loan commitments approximated $228.9 million and $182.9 million, respectively, excluding undisbursed portions of loans in process.  These unfunded loan commitments were principally for variable rate loans.  Commitments, which are disbursed subject to certain limitations, extend over various periods of time.  Generally, unused commitments are canceled upon expiration of the commitment term as outlined in each individual contract.

The Company had no commitments to purchase securities at December 31, 2016 and September 30, 2016. During the first quarter of fiscal 2017, the Company entered into an agreement, effective January 1, 2017, with H&R Block to provide interest and fee free refund advance loans for H&R Block tax preparation customers throughout the 2017 tax season.

The exposure to credit loss in the event of nonperformance by other parties to financial instruments for commitments to extend credit is represented by the contractual amount of those instruments.  The same credit policies and collateral requirements are used in making commitments and conditional obligations as are used for on-balance-sheet instruments.

Since certain commitments to make loans and to fund lines of credit and loans in process expire without being used, the amount does not necessarily represent future cash commitments.  In addition, commitments used to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract.
Legal Proceedings

The Bank was served on April 15, 2013, with a lawsuit captioned Inter National Bank v. NetSpend Corporation, MetaBank, BDO USA, LLP d/b/a BDO Seidman, Cause No. C-2084-12-I filed in the District Court of Hidalgo County, Texas. The Plaintiff’s Second Amended Original Petition and Application for Temporary Restraining Order and Temporary Injunction adds both MetaBank and BDO Seidman to the original causes of action against NetSpend. NetSpend acts as a prepaid card program manager and processor for both INB and MetaBank. According to the Petition, NetSpend has informed Inter National Bank (“INB”) that the depository accounts at INB for the NetSpend program supposedly contained $10.5 million less than they should. INB alleges that NetSpend has breached its fiduciary duty by making affirmative misrepresentations to INB about the safety and stability of the program, and by failing to timely disclose the nature and extent of any alleged shortfall in settlement of funds related to cardholder activity and the nature and extent of NetSpend’s systemic deficiencies in its accounting and settlement processing procedures. To the extent that an accounting reveals that there is an actual shortfall, INB alleges that MetaBank may be liable for portions or all of said sum due to the fact that funds have been transferred from INB to MetaBank, and thus MetaBank would have been unjustly enriched. The Bank is vigorously contesting this matter. In January 2014, NetSpend was granted summary judgment in this matter which is under appeal. Because the theory of liability against both NetSpend and the Bank is the same, the Bank views the NetSpend summary judgment as a positive in support of our position.  An estimate of a range of reasonably possible loss cannot be made at this stage of the litigation because discovery is still being conducted.

The Bank commenced action against C&B Farms, LLC, Dakota River Farms, LLC, Dakota Grain Farms, LLC, Heather Swenson and Tracy Clement in early July, 2015, in the Third Judicial Circuit Court of the State of South Dakota, seeking to collect upon certain delinquent loans made in connection with the 2014 farming operations of the three identified limited liability companies and the personal guaranties of Swenson and Clement. The three companies and Clement answered the Complaint and asserted a counterclaim against the Bank and a third-party claim against the Bank’s loan officer, alleging fraud and misrepresentation, as well as promissory estoppel.   On January 7, 2016, the Bank obtained a judgment for $6.1 million, the full amount due and owing on the delinquent loans, together with attorneys’ fees, costs and post-judgment interest.  On February 25, 2016, the Court entered an order and judgment in favor of the Bank granting the Bank’s renewed motion for summary judgment as to counterclaims and third party claim. Tracy Clement, the primary guarantor of the C&B Farms, Dakota Grain Farms, and Dakota River Farms indebtedness has filed a Chapter 11 bankruptcy proceeding in Minnesota. The Bank is an unsecured creditor in the bankruptcy proceeding. The Bank still has the right to collect from the three limited liability company debtors (C&B, Dakota Grain, and Dakota River). However, the Bank believes each entity is now insolvent and the collateral recovered and liquidated to the extent possible. The Bank has also settled with the other personal guarantor, Heather Swenson. The Bank commenced action against Interstate Commodities, Inc., on February 1, 2016, in the United States District Court for the District of South Dakota, Central Division. This matter arises out of the Bank’s loans to C&B Farms, which were guaranteed by Tracy Clement. The case alleges that Interstate Commodities has breached the terms of a subordination agreement entered into between Interstate Commodities and the Bank relating to the 2015 crops of C&B Farms, LLC. In March 2015, the Bank sent a letter to C&B Farms and Interstate Commodities agreeing that the Bank would subordinate its first position lien in the farm products of C&B Farms once the Bank’s 2015 input advances in an agreed upon sum had been paid in full. Interstate Commodities entered into various agreements with C&B Farms in which they agreed to purchase grain at a future date and provided purchase price advance financing to C&B Farms. Interstate Commodities also partially performed under the subordination agreement by paying or allowing certain sums to flow back to the Bank to pay on the agreed upon inputs. Interstate Commodities terminated the payments to the Bank before allowing full repayment of the 2015 inputs financed by the Bank before the subordination agreement was reached. This large, non-performing agricultural relationship was partially charged off during fiscal year 2016 and has no remaining loan balance.

The Bank was served, on October 14, 2016, with a lawsuit captioned Card Limited, LLC v. MetaBank dba Meta Payment Systems, Civil No. 2:16-cv-00980 in the United States District Court for the District of Utah. This action was initiated by a former prepaid program manager of the Bank, which was terminated by the Bank earlier this year. Card Limited alleges that after all of the programs were wound down, there were two accounts with a positive balance to which they are entitled. The Bank’s position is that Card Limited is not entitled to the funds contained in said accounts. The total amount to which Card Limited claims it is entitled is $1,579,398. The Bank intends to vigorously defend this claim. An estimate of a range of reasonably possible loss cannot be made at this stage of the litigation because discovery is still being conducted.

Other than the matters set forth above and litigation routine to the Company's or its subsidiaries' respective businesses, there are no other new material pending legal proceedings or updates to which the Company or its subsidiaries is a party.
v3.6.0.2
STOCK OPTION PLAN
 3 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK OPTION PLAN
STOCK OPTION PLAN

The Company maintains the 2002 Omnibus Incentive Plan, as amended and restated, which, among other things, provides for the awarding of stock options and nonvested (restricted) shares to certain officers and directors of the Company.  Awards are granted by the Compensation Committee of the Board of Directors based on the performance of the award recipients or other relevant factors.

Compensation expense for share based awards is recorded over the vesting period at the fair value of the award at the time of grant.  The exercise price of options or fair value of nonvested shares granted under the Company’s incentive plans is equal to the fair market value of the underlying stock at the grant date.

The following tables show the activity of options and nonvested (restricted) shares granted, exercised, or forfeited under the Company’s option and incentive plan for the three months ended December 31, 2016:

 
Number
of
Shares

 
Weighted
Average
Exercise
Price

 
Weighted
Average
Remaining
Contractual
Term (Yrs)

 
Aggregate
 Intrinsic
Value

 
(Dollars in Thousands, Except Share and Per Share Data)
Options outstanding, September 30, 2016
125,560

 
$
25.73

 
2.68

 
$
4,379

Granted
—

 
—

 
—

 
—

Exercised
(4,023
)
 
35.69

 
—

 
229

Forfeited or expired
(16,252
)
 
25.00

 
—

 
1,272

Options outstanding, December 31, 2016
105,285

 
$
25.52

 
2.47

 
$
8,147

 
 
 
 
 
 
 
 
Options exercisable, December 31, 2016
105,285

 
$
25.79

 
2.44

 
$
8,147


 
Number
of
Shares

 
Weighted
Average
Fair Value
at Grant

(Dollars in Thousands, Except Share and Per Share Data)
Nonvested shares outstanding, September 30, 2016
20,656

 
$
41.37

Granted
279,065

 
86.47

Vested
(13,927
)
 
64.72

Forfeited or expired
—

 
—

Nonvested shares outstanding, December 31, 2016
285,794

 
$
84.27



During the first quarter of fiscal 2017, stock awards were granted to the Company's three highest paid named executive officers in connection with their signing of employment agreements with the Company. These stock awards vest over eight years.

At December 31, 2016, stock based compensation expense not yet recognized in income totaled $21.9 million, which is expected to be recognized over a weighted average remaining period of 4.14 years.
v3.6.0.2
SEGMENT INFORMATION
 3 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
SEGMENT INFORMATION
SEGMENT INFORMATION

An operating segment is generally defined as a component of a business for which discrete financial information is available and whose results are reviewed by the chief operating decision-maker. Operating segments are aggregated into reportable segments if certain criteria are met.
The following tables present segment data for the Company for the three months ended December 31, 2016 and 2015, respectively.

 
Payments
 
Banking
 
Corporate
Services/Other
 
Total
Three Months Ended December 31, 2016
 
 
 
 
 
 
 
Interest income
$
2,912

 
$
10,754

 
$
8,909

 
$
22,575

Interest expense
—

 
544

 
2,198

 
2,742

Net interest income (expense)
2,912

 
10,210

 
6,711

 
19,833

Provision (recovery) for loan losses
331

 
512

 
—

 
843

Non-interest income
19,024

 
1,072

 
(747
)
 
19,349

Non-interest expense
20,871

 
5,555

 
10,327

 
36,753

Income (loss) before income tax expense (benefit)
734

 
5,215

 
(4,363
)
 
1,586

 
 
 
 
 
 
 
 
Total assets
87,069

 
1,101,542

 
3,024,718

 
4,213,329

Total deposits
2,435,530

 
225,182

 
1,002,425

 
3,663,137

 
Payments
 
Banking
 
Corporate
Services/Other
 
Total
Three Months Ended December 31, 2015
 
 
 
 
 
 
 
Interest income
$
1,964

 
$
8,851

 
$
7,460

 
$
18,275

Interest expense
40

 
253

 
427

 
720

Net interest income (expense)
1,924

 
8,598

 
7,033

 
17,555

Provision (recovery) for loan losses
80

 
706

 
—

 
786

Non-interest income
15,352

 
1,056

 
426

 
16,834

Non-interest expense
16,017

 
5,428

 
8,563

 
30,008

Income (loss) before income tax expense (benefit)
1,179

 
3,520

 
(1,104
)
 
3,595

 
 
 
 
 
 
 
 
Total assets
51,359

 
735,222

 
2,173,653

 
2,960,234

Total deposits
2,341,783

 
227,260

 
—

 
2,569,043
v3.6.0.2
NEW ACCOUNTING PRONOUNCEMENTS
 3 Months Ended
Dec. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS

Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

This ASU requires organizations to replace the incurred loss impairment methodology with a methodology reflecting expected credit losses with considerations for a broader range of reasonable and supportable information to substantiate credit loss estimates. This ASU is effective for annual reporting periods beginning after December 15, 2019, and the Company is currently undertaking a data analysis and taking measures so that its systems capture data applicable to the standard.

ASU No. 2016-04, Extinguishment of liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products

This ASU requires organizations to derecognize the deposit liabilities for unredeemed prepaid stored-value products (i.e. – breakage) consistent with breakage guidance in Topic 606, Revenue from Contracts with Customers. This ASU is effective for annual reporting periods beginning after December 15, 2017, and the Company is currently assessing the potential impact to the consolidated financial statements.

ASU No. 2016-02, Leases (Topic 842): Amendments to the Leases Analysis

This ASU requires organizations to recognize lease assets and lease liabilities on the balance sheet, along with disclosing key information about leasing arrangements.  This update is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and the Company is currently taking inventory of all leases and analyzing what their treatment will be under the new guidance.

ASU No. 2014-09, Revenue Recognition – Revenue from Contracts with Customers (Topic 606)

This ASU provides guidance on when to recognize revenue from contracts with customers.  The objective of this ASU is to eliminate diversity in practice related to this topic and to provide guidance that would streamline and enhance revenue recognition requirements.  The ASU defines five steps to recognize revenue, including identify the contract with a customer, identify the performance obligations in the contract, determine a transaction price, allocate the transaction price to the performance obligations and then recognize the revenue when or as the entity satisfies a performance obligation.  This update is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and the Company is currently assessing our different prepaid card programs and income streams to ascertain how breakage will be recognized under the standard.

ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs

This ASU provides guidance on balance sheet presentation requirements for debt issuance costs and debt discount and premium. The objective of this ASU is to simplify presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This update became effective for the Company beginning with its fiscal year ending September 30, 2017, and does not have an impact to the consolidated financial statements.

ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes

This ASU requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. This update is effective for annual and interim periods in fiscal years beginning after December 15, 2016, and the Company is currently assessing the potential impact to the consolidated financial statements.

ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

This ASU provides guidance to improve the accounting for share-based payment transactions as part of the FASB’s simplification initiative. The ASU changes seven aspects of the accounting for share-based payment award transactions, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes; (6) practical expedient - expected term (nonpublic companies only); and (7) intrinsic value (nonpublic companies only). This update is effective for annual and interim periods in fiscal years beginning after December 15, 2016, and the Company is currently assessing the potential impact to the consolidated financial statements.

ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments

This ASU addresses eight classification issues related to the statement of cash flows including: debt prepayment or debt extinguishment costs, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This update is effective for annual and interim periods in fiscal years beginning after December 15, 2017, and the Company is currently assessing the potential impact to the consolidated financial statements.
v3.6.0.2
FAIR VALUE MEASUREMENTS
 3 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS

Accounting Standards Codification (“ASC”) 820, Fair Value Measurements defines fair value, establishes a framework for measuring the fair value of assets and liabilities using a hierarchy system and requires disclosures about fair value measurement.  It clarifies that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts.

The fair value hierarchy is as follows:

Level 1 Inputs – Valuation is based upon quoted prices for identical instruments traded in active markets that the Company has the ability to access at measurement date.

Level 2 Inputs – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which significant assumptions are observable in the market.

Level 3 Inputs – Valuation is generated from model-based techniques that use significant assumptions not observable in the market and are used only to the extent that observable inputs are not available.  These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability.  Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.



Securities Available for Sale and Held to Maturity.  Securities available for sale are recorded at fair value on a recurring basis and securities held to maturity are carried at amortized cost.  Fair value measurement is based upon quoted prices, if available.  If quoted prices are not available, fair values are measured using an independent pricing service.  For both Level 1 and Level 2 securities, management uses various methods and techniques to corroborate prices obtained from the pricing service, including but not limited to reference to dealer or other market quotes, and by reviewing valuations of comparable instruments.  The Company’s Level 1 securities include equity securities and mutual funds.  Level 2 securities include U.S. Government agency and instrumentality securities, U.S. Government agency and instrumentality mortgage-backed securities, municipal bonds, corporate debt securities and trust preferred securities.  The Company had no Level 3 securities at December 31, 2016 or September 30, 2016.

The fair values of securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs), or valuation based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model based valuation techniques for which significant assumptions are observable in the market (Level 2 inputs).  The Company considers these valuations supplied by a third party provider which utilizes several sources for valuing fixed-income securities.  These sources include Interactive Data Corporation, Reuters, Standard and Poor’s, Bloomberg Financial Markets, Street Software Technology, and the third party provider’s own matrix and desk pricing.  The Company, no less than annually, reviews the third party’s methods and source’s methodology for reasonableness and to ensure an understanding of inputs utilized in determining fair value.  Sources utilized by the third party provider include but are not limited to pricing models that vary based by asset class and include available trade, bid, and other market information.  This methodology includes but is not limited to broker quotes, proprietary models, descriptive terms and conditions databases, as well as extensive quality control programs. Monthly, the Company receives and compares prices provided by multiple securities dealers and pricing providers to validate the accuracy and reasonableness of prices received from the third party provider. On a monthly basis, the Investment Committee reviews mark-to-market changes in the securities portfolio for reasonableness.
 
The following table summarizes the fair values of securities available for sale and held to maturity at December 31, 2016 and September 30, 2016.  Securities available for sale are measured at fair value on a recurring basis, while securities held to maturity are carried at amortized cost in the consolidated statements of financial condition.
 
Fair Value At December 31, 2016
 
Available For Sale
 
Held to Maturity
(Dollars in Thousands)
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Small business administration securities
79,448

 
—

 
79,448

 
—

 
—

 
—

 
—

 
—

Obligations of states and political subdivisions
—

 
—

 
—

 
—

 
20,119

 
—

 
20,119

 
—

Non-bank qualified obligations of states and political subdivisions
737,983

 
—

 
737,983

 
—

 
454,513

 
—

 
454,513

 
—

Asset-backed securities
118,147

 
—

 
118,147

 
—

 
—

 
—

 
—

 
—

Mortgage-backed securities
534,939

 
—

 
534,939

 
—

 
124,469

 
—

 
124,469

 
—

Total debt securities
1,470,517

 
—

 
1,470,517

 
—

 
599,101

 
—

 
599,101

 
—

Common equities and mutual funds
1,254

 
1,254

 
—

 
—

 
—

 
—

 
—

 
—

Total securities
$
1,471,771

 
$
1,254

 
$
1,470,517

 
$
—

 
$
599,101

 
$
—

 
$
599,101

 
$
—

 
Fair Value At September 30, 2016
 
Available For Sale
 
Held to Maturity
(Dollars in Thousands)
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust preferred securities
$
12,978

 
$
—

 
$
12,978

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Small business administration securities
80,719

 
—

 
80,719

 
—

 
—

 
—

 
—

 
—

Obligations of states and political subdivisions
—

 
—

 
—

 
—

 
20,937

 
—

 
20,937

 
—

Non-bank qualified obligations of states and political subdivisions
698,672

 
—

 
698,672

 
—

 
477,202

 
—

 
477,202

 
—

Asset-backed securities
116,815

 
—

 
116,815

 
—

 
—

 
—

 
—

 
—

Mortgage-backed securities
558,940

 
—

 
558,940

 
—

 
134,435

 
—

 
134,435

 
—

Total debt securities
1,468,124

 
—

 
1,468,124

 
—

 
632,574

 
—

 
632,574

 
—

Common equities and mutual funds
1,125

 
1,125

 
—

 
—

 
—

 
—

 
—

 
—

Total securities
$
1,469,249

 
$
1,125

 
$
1,468,124

 
$
—

 
$
632,574

 
$
—

 
$
632,574

 
$
—



Contingent Consideration. The fair value of the cash contingent consideration liability in the SCS acquisition was estimated using an option based income valuation method with significant inputs that are not observable in the market and thus represents a Level 3 fair value measurement as defined in the FASB's ASC 820, Fair Value Measurements and Disclosures. The significant inputs in the Level 3 measurement not supported by market activity included our probability assessments of expected future cash flows related to our acquisition of SCS during the earn-out period.
 
December 31, 2016
 
September 30, 2016
 
Fair Value Measurements Using Input Types
 
Fair Value Measurements Using Input Types
(Dollars in Thousands)
Level 1
Level 2
Level 3
Total
 
Level 1
Level 2
Level 3
Total
Liabilities:
 
 
 
 
 
 
 
 
 
Contingent Consideration
$
—

$
—

$
17,259

$
17,259

 
$
—

$
—

$
—

$
—

     Total liabilities
$
—

$
—

$
17,259

$
17,259

 
$
—

$
—

$
—

$
—



Loans.  The Company does not record loans at fair value on a recurring basis.  However, if a loan is considered impaired, an allowance for loan losses is established.  Once a loan is identified as individually impaired, management measures impairment in accordance with ASC 310, Receivables.

The following table summarizes the assets of the Company that were measured at fair value in the consolidated statements of financial condition on a non-recurring basis as of December 31, 2016 and September 30, 2016.
 
 
Fair Value At December 31, 2016
(Dollars in Thousands)
Total
 
Level 1
 
Level 2
 
Level 3
Impaired Loans, net
 
 
 
 
 
 
 
  1-4 family residential mortgage loans
$
67

 
$
—

 
$
—

 
$
67

   Commercial operating loans
$
165

 
$
—

 
$
—

 
$
165

     Total Impaired Loans
$
232

 
$
—

 
$
—

 
$
232

Foreclosed Assets, net
$
76

 
$
—

 
$
—

 
$
76

Total
$
308

 
$
—

 
$
—

 
$
308

 
Fair Value At September 30, 2016
(Dollars in Thousands)
Total
 
Level 1
 
Level 2
 
Level 3
Impaired Loans, net
 
 
 
 
 
 
 
  1-4 family residential mortgage loans
$
68

 
$
—

 
$
—

 
$
68

     Total Impaired Loans
68

 
—

 
—

 
68

Foreclosed Assets, net
76

 
 
 
 
 
76

Total
$
144

 
$
—

 
$
—

 
$
144


 
Quantitative Information About Level 3 Fair Value Measurements
(Dollars in Thousands)
Fair Value at
December 31, 2016
 
Fair Value at
September 30, 2016
 
Valuation
Technique
 
Unobservable Input
 
Range of Inputs
Impaired Loans, net
$
232

 
68

 
Market approach
 
Appraised values (1)
 
4.00 - 10.00%
Foreclosed Assets, net
$
76

 
76

 
Market approach
 
Appraised values (1)
 
4.00 - 10.00%
Contingent Consideration
$
17,259

 
—

 
Option based income
 
Discount rate
 
7.20%
 
 
 
 
 
 
 
Risk-free rate
 
1.02%
 
 
 
 
 
 
 
Company specific discount rate
 
1.76%
(1) 
The Company generally relies on external appraisers to develop this information.  Management reduced the appraised value by estimated selling costs in a range of 4% to 10%.

The following table discloses the Company’s estimated fair value amounts of its financial instruments.  It is management’s belief that the fair values presented below are reasonable based on the valuation techniques and data available to the Company as of December 31, 2016 and September 30, 2016, as more fully described below.  The operations of the Company are managed from a going concern basis and not a liquidation basis.  As a result, the ultimate value realized for the financial instruments presented could be substantially different when actually recognized over time through the normal course of operations.  Additionally, a substantial portion of the Company’s inherent value is the Bank’s capitalization and franchise value.  Neither of these components have been given consideration in the presentation of fair values below.

The following presents the carrying amount and estimated fair value of the financial instruments held by the Company at December 31, 2016 and September 30, 2016.
 
 
December 31, 2016
 
Carrying
Amount
 
Estimated
Fair Value
 
Level 1
 
Level 2
 
Level 3
 
(Dollars in Thousands)
Financial assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
695,731

 
$
695,731

 
$
695,731

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
Securities available for sale
1,471,771

 
1,471,771

 
1,254

 
1,470,517

 
—

Securities held to maturity
604,976

 
599,101

 
—

 
599,101

 
—

Total securities
2,076,747

 
2,070,872

 
1,254

 
2,069,618

 
—

 
 
 
 
 
 
 
 
 
 
Loans held-for-sale
1,223

 
1,223

 
—

 
1,223

 
—

 
 
 
 
 
 
 
 
 
 
Loans receivable:
 

 
 

 
 

 
 

 
 

One to four family residential mortgage loans
172,877

 
170,283

 
—

 
—

 
170,283

Commercial and multi-family real estate loans
440,512

 
432,143

 
—

 
—

 
432,143

Agricultural real estate loans
64,014

 
62,973

 
—

 
—

 
62,973

Consumer loans
173,164

 
174,796

 
—

 
—

 
174,796

Commercial operating loans
50,824

 
50,149

 
—

 
—

 
50,149

Agricultural operating loans
33,617

 
33,481

 
—

 
—

 
33,481

Premium finance loans
179,508

 
179,874

 
—

 
—

 
179,874

Total loans receivable
1,114,516

 
1,103,699

 
—

 
—

 
1,103,699

 
 
 
 
 
 
 
 
 
 
Federal Home Loan Bank stock
3,832

 
3,832

 
—

 
3,832

 
—

Accrued interest receivable
21,375

 
21,375

 
21,375

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Financial liabilities
 

 
 

 
 

 
 

 
 

Noninterest bearing demand deposits
2,473,275

 
2,473,275

 
2,473,275

 
—

 
—

Interest bearing demand deposits, savings, and money markets
140,541

 
140,541

 
140,541

 
—

 
—

Certificates of deposit
122,334

 
121,830

 
—

 
121,830

 
—

Wholesale non-maturing deposits
499,608

 
499,608

 
499,608

 
—

 
—

Wholesale certificates of deposit
427,379

 
426,960

 
—

 
426,960

 
—

Total deposits
3,663,137

 
3,662,214

 
3,113,424

 
548,790

 
—

 
 
 
 
 
 
 
 
 
 
Advances from Federal Home Loan Bank
7,000

 
7,940

 
—

 
7,940

 
—

Securities sold under agreements to repurchase
3,782

 
3,782

 
—

 
3,782

 
—

Capital lease
2,000

 
2,000

 
—

 
2,000

 
—

Trust preferred securities
10,310

 
10,436

 
—

 
10,436

 
—

Subordinated debentures
73,244

 
76,843

 
—

 
76,843

 
—

Accrued interest payable
2,255

 
2,255

 
2,255

 
—

 
—

 
September 30, 2016
 
Carrying
Amount
 
Estimated
Fair Value
 
Level 1
 
Level 2
 
Level 3
 
(Dollars in Thousands)
Financial assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
773,830

 
$
773,830

 
$
773,830

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
Securities available for sale
1,469,249

 
1,469,249

 
1,125

 
1,468,124

 
—

Securities held to maturity
619,853

 
632,574

 
—

 
632,574

 
—

Total securities
2,089,102

 
2,101,823

 
1,125

 
2,100,698

 
—

 
 
 
 
 
 
 
 
 
 
Loans receivable:
 

 
 

 
 

 
 

 
 

One to four family residential mortgage loans
162,298

 
163,886

 
—

 
—

 
163,886

Commercial and multi-family real estate loans
422,932

 
422,307

 
—

 
—

 
422,307

Agricultural real estate loans
63,612

 
63,868

 
—

 
—

 
63,868

Consumer loans
37,094

 
36,738

 
—

 
—

 
36,738

Commercial operating loans
31,271

 
31,108

 
—

 
—

 
31,108

Agricultural operating loans
37,083

 
36,897

 
—

 
—

 
36,897

Premium finance loans
171,604

 
172,000

 
—

 
—

 
172,000

Total loans receivable
925,894

 
926,803

 
—

 
—

 
926,803

 
 
 
 
 
 
 
 
 
 
Federal Home Loan Bank stock
47,512

 
47,512

 
—

 
47,512

 
—

Accrued interest receivable
17,199

 
17,199

 
17,199

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Financial liabilities
 

 
 

 
 

 
 

 
 

Noninterest bearing demand deposits
2,167,522

 
2,167,522

 
2,167,522

 
—

 
—

Interest bearing demand deposits, savings, and money markets
136,568

 
136,568

 
136,568

 
—

 
—

Certificates of deposit
125,992

 
125,772

 
—

 
125,772

 
—

Total deposits
2,430,082

 
2,429,862

 
2,304,090

 
125,772

 
—

 
 
 
 
 
 
 
 
 
 
Advances from Federal Home Loan Bank
107,000

 
108,168

 
—

 
108,168

 
—

Federal funds purchased
992,000

 
992,000

 
992,000

 
—

 
—

Securities sold under agreements to repurchase
3,039

 
3,039

 
—

 
3,039

 
—

Capital lease
2,018

 
2,018

 
—

 
2,018

 
—

Trust preferred securities
10,310

 
10,437

 
—

 
10,437

 
—

Subordinated debentures
73,211

 
77,250

 
—

 
77,250

 
—

Accrued interest payable
875

 
875

 
875

 
—

 
—



The following sets forth the methods and assumptions used in determining the fair value estimates for the Company’s financial instruments at December 31, 2016 and September 30, 2016.
 
CASH AND CASH EQUIVALENTS
The carrying amount of cash and short-term investments is assumed to approximate the fair value.
 
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY
Securities available for sale are recorded at fair value on a recurring basis and securities held to maturity are carried at amortized cost.  Fair values for investment securities are based on obtaining quoted prices on nationally recognized securities exchanges, or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities.

LOANS HELD FOR SALE
The carrying amount of loans held for sale is assumed to approximate the fair value.

LOANS RECEIVABLE, NET
The fair value of loans is estimated using a historical or replacement cost basis concept (i.e. an entrance price concept).  The fair value of loans was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers and for similar remaining maturities.  When using the discounting method to determine fair value, loans were grouped by homogeneous loans with similar terms and conditions and discounted at a target rate at which similar loans would be made to borrowers at December 31, 2016 or September 30, 2016.  In addition, when computing the estimated fair value for all loans, allowances for loan losses have been subtracted from the calculated fair value as a result of the discounted cash flow which approximates the fair value adjustment for the credit quality component.
 
FEDERAL HOME LOAN BANK (“FHLB”) STOCK
The fair value of such stock is assumed to approximate book value since the Company is only able to redeem this stock at par value.
 
ACCRUED INTEREST RECEIVABLE
The carrying amount of accrued interest receivable is assumed to approximate the fair value.
 
DEPOSITS
The carrying values of non-interest bearing checking deposits, interest bearing checking deposits, savings, money markets, and wholesale non-maturing deposits is assumed to approximate fair value, since such deposits are immediately withdrawable without penalty.  The fair value of time certificates of deposit and wholesale certificates of deposit were estimated by discounting expected future cash flows by the current rates offered on certificates of deposit with similar remaining maturities.
 
In accordance with ASC 825, Financial Instruments, no value has been assigned to the Company’s long-term relationships with its deposit customers (core value of deposits intangible) since such intangibles are not financial instruments as defined under ASC 825.
 
ADVANCES FROM FHLB
The fair value of such advances was estimated by discounting the expected future cash flows using current interest rates for advances with similar terms and remaining maturities.
 
FEDERAL FUNDS PURCHASED
The carrying amount of federal funds purchased is assumed to approximate the fair value.
 
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND SUBORDINATED DEBENTURES
The fair value of these instruments was estimated by discounting the expected future cash flows using derived interest rates approximating market over the contractual maturity of such borrowings.
 
ACCRUED INTEREST PAYABLE
The carrying amount of accrued interest payable is assumed to approximate the fair value.
 
LIMITATIONS
Fair value estimates are made at a specific point in time and are based on relevant market information about the financial instrument.  Additionally, fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business, customer relationships and the value of assets and liabilities that are not considered financial instruments.  These estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time.  Furthermore, since no market exists for certain of the Company’s financial instruments, fair value estimates may be based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors.  These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with a high level of precision.  Changes in assumptions as well as tax considerations could significantly affect the estimates.  Accordingly, based on the limitations described above, the aggregate fair value estimates are not intended to represent the underlying value of the Company, on either a going concern or a liquidation basis.
v3.6.0.2
GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS

The Company held a total of $98.9 million of goodwill as of December 31, 2016. The recorded goodwill was due to two separate business combinations during fiscal 2015 and two separate business combinations during the first quarter of fiscal 2017: $11.6 million of goodwill in connection with the purchase of substantially all of the commercial loan portfolio and related assets of AFS/IBEX on December 2, 2014; $25.4 million of goodwill in connection with the purchase of substantially all of the assets and liabilities of Refund Advantage on September 8, 2015; $30.4 million of goodwill in connection with the purchase of substantially all of the assets of EPS on November 1, 2016; and $31.6 million of goodwill in connection with the purchase of substantially all of the assets and specified liabilities of SCS on December 14, 2016. The goodwill associated with these transactions is deductible for tax purposes.
 
As part of each business combination, the Company also recognized the following amortizable intangible assets:
AFS/IBEX
 
 
 
 
 
 
 
 
   
Intangible
Amount Upon Acquisition
 
Accumulated Amortization
 
Balance at December 31, 2016
 
Book Amortization
Period (Years)
 
Method
Trademark
$
540

 
(75
)
 
465

 
15
 
Straight Line
Non-Compete
260

 
(181
)
 
79

 
3
 
Straight Line
Customer Relationships
7,240

 
(2,543
)
 
4,697

 
30
 
Accelerated
Technology/Other
173

 
(105
)
 
68

 
Varied
 
Straight Line
Total
$
8,213

 
(2,904
)
 
5,309

 
 
 
 

Refund Advantage
 
 
 
 
 
 
 
 
   
Intangible
Amount Upon Acquisition
 
Accumulated Amortization
 
Balance at December 31, 2016
 
Book Amortization
Period (Years)
 
Method
Trademark
$
4,950

 
(343
)
 
4,607

 
15
 
Accelerated
Non-Compete
40

 
(18
)
 
22

 
3
 
Straight Line
Customer Relationships
18,800

 
(3,789
)
 
15,011

 
12 to 20
 
Accelerated
Technology/Other
329

 
(90
)
 
239

 
Varied
 
Straight Line
Total
$
24,119

 
(4,240
)
 
19,879

 
 
 
 


EPS
 
 
 
 
 
 
 
 
   
Intangible
Amount Upon Acquisition
 
Accumulated Amortization
 
Balance at December 31, 2016
 
Book Amortization
Period (Years)
 
Method
Trademark
$
5,190

 
(39
)
 
5,151

 
15
 
Accelerated
Non-Compete
1,630

 
(55
)
 
1,575

 
Varied
 
Straight Line
Customer Relationships
10,110

 
(311
)
 
9,799

 
20
 
Accelerated
Technology/Other
1,000

 
(55
)
 
945

 
3
 
Straight Line
Total
$
17,930

 
(460
)
 
17,470

 
 
 
 

SCS
 
 
 
 
 
 
 
 
   
Intangible
Amount Upon Acquisition
 
Accumulated Amortization
 
Balance at December 31, 2016
 
Book Amortization
Period (Years)
 
Method
Trademark
$
290

 
(4
)
 
286

 
5
 
Accelerated
Non-Compete
580

 
(6
)
 
574

 
Varied
 
Straight Line
Customer Relationships
22,120

 
—

 
22,120

 
Varied
 
Accelerated
Technology/Other
5,100

 
(14
)
 
5,086

 
15
 
Straight Line
Total
$
28,090

 
(24
)
 
28,066

 
 
 
 
Other
 
 
 
 
 
 
 
 
   
Intangible
Total Accumulated Costs, Net (1)
 
Accumulated Amortization
 
Balance at December 31, 2016
 
Book Amortization
Period (Years)
 
Method
Technology/Other
$
3,110

 
(362
)
 
2,748

 
Varied
 
Straight Line
Total
$
3,110

 
(362
)
 
2,748

 
 
 
 
(1) Net of Patents write-offs, to date, totaling, $378K.

The changes in the carrying amount of the Company’s goodwill and intangible assets for the three months ended December 31, 2016 and 2015 were as follows:
 
 
2016
 
2015
 
(Dollars in Thousands)
Goodwill
 
 
 
Balance as of September 30,
$
36,928

 
$
36,928

Acquisitions during the period
61,970

 
—

Write-offs during the period
—

 
—

Balance as of December 31,
$
98,898

 
$
36,928

 
Trademark
 
Non-Compete
 
Customer
Relationships
 
All Others
 
Total
Intangibles
 
Balance as of September 30, 2016
$
5,149

 
$
127

 
$
20,590

 
$
3,055

 
$
28,921

Acquisitions during the period
5,480

 
2,210

 
32,230

 
6,156

 
46,076

Amortization during the period
(120
)
 
(86
)
 
(1,193
)
 
(126
)
 
(1,525
)
Write-offs during the period
—

 
—

 
—

 
—

 
—

Balance as of December 31, 2016
$
10,509

 
$
2,251

 
$
51,627

 
$
9,085

 
$
73,472


 
Trademark
 
Non-Compete
 
Customer
Relationships
 
All Others
 
Total
Intangibles
 
Balance as of September 30, 2015
$
5,439

 
$
227

 
$
24,811

 
$
3,100

 
$
33,577

Acquisitions during the period
—

 
—

 
—

 
54

 
54

Amortization during the period
(72
)
 
(25
)
 
(1,064
)
 
(52
)
 
(1,213
)
Write-offs during the period
—

 
—

 
—

 
—

 
—

Balance as of December 31, 2015
$
5,367

 
$
202

 
$
23,747

 
$
3,102

 
$
32,418



The Company tests intangible assets for impairment at least annually or more often if conditions indicate a possible impairment.  There were no impairment to intangible assets during the three months ended December 31, 2016 and 2015.  The annual goodwill impairment test will be conducted at September 30, 2017.
v3.6.0.2
REGULATORY MATTERS AND SETTLEMENT OF OTS ENFORCEMENT ACTIONS
 3 Months Ended
Dec. 31, 2016
Banking and Thrift [Abstract]  
REGULATORY MATTERS AND SETTLEMENT OF OTS ENFORCEMENT ACTIONS
REGULATORY MATTERS AND SETTLEMENT OF OTS ENFORCEMENT ACTIONS

On January 5, 2015, the Federal Deposit Insurance Corporation (“FDIC”) published industry guidance in the form of Frequently Asked Questions (“FAQs”) with respect to the categorization of deposit liabilities as “brokered” deposits. On November 13, 2015, the FDIC issued for comment updated and annotated FAQs, and on June 30, 2016, the FDIC finalized the FAQs. The Company believes that the final FAQs do not materially impact the processes that it uses to identify, accept and report brokered deposits. On April 26, 2016, the FDIC issued a final rule to amend how small banks (less than $10 billion in assets that have been FDIC insured for at least five years) are assessed for deposit insurance (the "Final Rule"). The Final Rule will impose higher assessments for banks that FDIC believes present higher risk profiles. The Final Rule becomes effective with the Bank's December 2016 assessment invoice, which the Company expects to receive in March 2017.

Due to the Bank’s status as a "well-capitalized" institution under the FDIC's prompt corrective action regulations, and further with respect to the Bank’s financial condition in general, the Company does not at this time anticipate that either the FAQs or the Final Rule will have a material adverse impact on the Company’s business operations.  However, should the Bank ever fail to be well-capitalized in the future, as a result of failing to meet the well-capitalized requirements, or the imposition of an individual minimum capital requirement or similar formal requirements, then, notwithstanding that the Bank has capital in excess of the well-capitalized minimum requirements, the Bank would be prohibited, absent waiver from the FDIC, from utilizing brokered deposits (i.e., may not accept, renew or rollover brokered deposits), which could produce serious adverse effects on the Company’s liquidity, and financial condition and results of operations.  Similarly, should the Bank’s financial condition in general deteriorate, future FDIC assessments could have a material adverse effect on the Company.
v3.6.0.2
SUBSEQUENT EVENTS
 3 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS

Management has evaluated subsequent events.  There were no material subsequent events that would require recognition or disclosure in our consolidated financial statements as of or for the quarter ended December 31, 2016.
v3.6.0.2
NEW ACCOUNTING PRONOUNCEMENTS (Policies)
 3 Months Ended
Dec. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
New Accounting Pronouncements
Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

This ASU requires organizations to replace the incurred loss impairment methodology with a methodology reflecting expected credit losses with considerations for a broader range of reasonable and supportable information to substantiate credit loss estimates. This ASU is effective for annual reporting periods beginning after December 15, 2019, and the Company is currently undertaking a data analysis and taking measures so that its systems capture data applicable to the standard.

ASU No. 2016-04, Extinguishment of liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products

This ASU requires organizations to derecognize the deposit liabilities for unredeemed prepaid stored-value products (i.e. – breakage) consistent with breakage guidance in Topic 606, Revenue from Contracts with Customers. This ASU is effective for annual reporting periods beginning after December 15, 2017, and the Company is currently assessing the potential impact to the consolidated financial statements.

ASU No. 2016-02, Leases (Topic 842): Amendments to the Leases Analysis

This ASU requires organizations to recognize lease assets and lease liabilities on the balance sheet, along with disclosing key information about leasing arrangements.  This update is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and the Company is currently taking inventory of all leases and analyzing what their treatment will be under the new guidance.

ASU No. 2014-09, Revenue Recognition – Revenue from Contracts with Customers (Topic 606)

This ASU provides guidance on when to recognize revenue from contracts with customers.  The objective of this ASU is to eliminate diversity in practice related to this topic and to provide guidance that would streamline and enhance revenue recognition requirements.  The ASU defines five steps to recognize revenue, including identify the contract with a customer, identify the performance obligations in the contract, determine a transaction price, allocate the transaction price to the performance obligations and then recognize the revenue when or as the entity satisfies a performance obligation.  This update is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and the Company is currently assessing our different prepaid card programs and income streams to ascertain how breakage will be recognized under the standard.

ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs

This ASU provides guidance on balance sheet presentation requirements for debt issuance costs and debt discount and premium. The objective of this ASU is to simplify presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This update became effective for the Company beginning with its fiscal year ending September 30, 2017, and does not have an impact to the consolidated financial statements.

ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes

This ASU requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. This update is effective for annual and interim periods in fiscal years beginning after December 15, 2016, and the Company is currently assessing the potential impact to the consolidated financial statements.

ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

This ASU provides guidance to improve the accounting for share-based payment transactions as part of the FASB’s simplification initiative. The ASU changes seven aspects of the accounting for share-based payment award transactions, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes; (6) practical expedient - expected term (nonpublic companies only); and (7) intrinsic value (nonpublic companies only). This update is effective for annual and interim periods in fiscal years beginning after December 15, 2016, and the Company is currently assessing the potential impact to the consolidated financial statements.

ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments

This ASU addresses eight classification issues related to the statement of cash flows including: debt prepayment or debt extinguishment costs, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This update is effective for annual and interim periods in fiscal years beginning after December 15, 2017, and the Company is currently assessing the potential impact to the consolidated financial statements.
v3.6.0.2
ACQUISITION (Tables)
 3 Months Ended
Dec. 31, 2016
EPS [Member]  
Business Acquisition [Line Items]  
Schedule of Business Acquisitions, by Acquisition
The following table represents the approximate fair value of assets acquired and liabilities assumed of EPS on the consolidated statement of financial condition as of November 1, 2016.
 
As of November 1, 2016
 
(Dollars in Thousands)
Fair value of consideration paid
 
   Cash
21,877

   Stock issued
26,507

      Total consideration paid
48,384

 
 
Fair value of assets acquired
 
   Intangible assets
17,930

   Other assets
79

      Total assets
18,009

Fair value of net assets acquired
18,009

Goodwill resulting from acquisition
30,375
SCS [Member]  
Business Acquisition [Line Items]  
Schedule of Business Acquisitions, by Acquisition
The following table represents the approximate fair value of assets acquired and liabilities recorded of SCS on the consolidated statement of financial condition as of December 14, 2016.
 
As of December 14, 2016
 
(Dollars in Thousands)
Fair value of transaction consideration
 
   Cash
7,548

   Stock issued
10,789

      Paid consideration
18,337

   Contingent consideration - cash
17,259

   Contingent consideration - equity
24,091

      Contingent consideration payable
41,350

         Total consideration paid
59,687

 
 
Fair value of assets acquired
 
   Intangible assets
28,090

   Other assets
2

      Total assets
28,092

Fair value of net assets acquired
28,092

Goodwill resulting from acquisition
31,595
v3.6.0.2
CREDIT DISCLSOURES (Tables)
 3 Months Ended
Dec. 31, 2016
Loans and Leases Receivable Disclosure [Abstract]  
Schedule of Loans Receivable
Loans receivable at December 31, 2016 and September 30, 2016 are as follows:
 
December 31, 2016
 
September 30, 2016
 
(Dollars in Thousands)
1-4 Family Real Estate
$
172,877

 
$
162,298

Commercial and Multi-Family Real Estate
440,512

 
422,932

Agricultural Real Estate
64,014

 
63,612

Consumer
173,164

 
37,094

Commercial Operating
50,824

 
31,271

Agricultural Operating
33,617

 
37,083

Premium Finance
179,508

 
171,604

Total Loans Receivable
1,114,516

 
925,894

 
 
 
 
Allowance for Loan Losses
(6,415
)
 
(5,635
)
Net Deferred Loan Origination Fees
(1,031
)
 
(789
)
Total Loans Receivable, Net
$
1,107,070

 
$
919,470
Annual Activity in Allowance for Loan Losses, Allowance for Loan Losses and Recorded Investment in Loans
Activity in the allowance for loan losses and balances of loans receivable by portfolio segment for the three months ended December 31, 2016 and 2015 is as follows:

 
1-4 Family
Real Estate
 
Commercial and
Multi-Family
Real Estate
 
Agricultural
Real Estate
 
Consumer
 
Commercial
Operating
 
Agricultural
Operating
 
Premium
Finance
 
Unallocated
 
Total
 
(Dollars in Thousands)
Three Months Ended
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
654

 
$
2,198

 
$
142

 
$
51

 
$
117

 
$
1,332

 
$
588

 
$
553

 
$
5,635

Provision (recovery) for loan losses
—

 
(286
)
 
334

 
(28
)
 
691

 
(3
)
 
110

 
25

 
843

Charge offs
—

 
—

 
—

 
—

 
—

 
—

 
(118
)
 
—

 
(118
)
Recoveries
—

 
—

 
—

 
24

 
5

 
12

 
14

 
—

 
55

Ending balance
$
654

 
$
1,912

 
$
476

 
$
47

 
$
813

 
$
1,341

 
$
594

 
$
578

 
$
6,415

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
11

 
—

 
—

 
—

 
339

 
—

 
—

 
—

 
350

Ending balance: collectively evaluated for impairment
643

 
1,912

 
476

 
47

 
474

 
1,341

 
594

 
578

 
6,065

Total
$
654

 
$
1,912

 
$
476

 
$
47

 
$
813

 
$
1,341

 
$
594

 
$
578

 
$
6,415

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Ending balance: individually
evaluated for impairment
190

 
429

 
—

 
—

 
505

 
—

 
—

 
—

 
1,124

Ending balance: collectively
evaluated for impairment
172,687

 
440,083

 
64,014

 
173,164

 
50,319

 
33,617

 
179,508

 
—

 
1,113,392

Total
$
172,877

 
$
440,512

 
$
64,014

 
$
173,164

 
$
50,824

 
$
33,617

 
$
179,508

 
$
—

 
$
1,114,516

 
1-4 Family
Real Estate
 
Commercial and
Multi-Family
Real Estate
 
Agricultural
Real Estate
 
Consumer
 
Commercial
Operating
 
Agricultural
Operating
 
Premium
Finance
 
Unallocated
 
Total
 
(Dollars in Thousands)
Three Months Ended
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
278

 
$
1,187

 
$
163

 
$
20

 
$
28

 
$
3,537

 
$
293

 
$
749

 
$
6,255

Provision (recovery) for loan losses
7

 
7

 
8

 
—

 
79

 
319

 
506

 
(140
)
 
786

Charge offs
—

 
—

 
—

 
—

 
—

 
—

 
(390
)
 
—

 
(390
)
Recoveries
—

 
—

 
—

 
—

 
—

 
—

 
15

 
—

 
15

Ending balance
$
285

 
$
1,194

 
$
171

 
$
20

 
$
107

 
$
3,856

 
$
424

 
$
609

 
$
6,666

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance: individually
evaluated for impairment
—

 
235

 
—

 
—

 
—

 
3,614

 
—

 
—

 
3,849

Ending balance: collectively
evaluated for impairment
285

 
959

 
171

 
20

 
107

 
242

 
424

 
609

 
2,817

Total
$
285

 
$
1,194

 
$
171

 
$
20

 
$
107

 
$
3,856

 
$
424

 
$
609

 
$
6,666

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Ending balance: individually
evaluated for impairment
117

 
1,341

 
—

 
—

 
8

 
4,832

 
—

 
—

 
6,298

Ending balance: collectively
evaluated for impairment
134,733

 
320,784

 
64,181

 
34,868

 
37,497

 
35,580

 
110,640

 
—

 
738,283

Total
$
134,850

 
$
322,125

 
$
64,181

 
$
34,868

 
$
37,505

 
$
40,412

 
$
110,640

 
$
—

 
$
744,581
Asset Classification of Loans
The asset classification of loans at December 31, 2016 and September 30, 2016 are as follows:

December 31, 2016
1-4 Family
Real Estate
 
Commercial and
Multi-Family
Real Estate
 
Agricultural
Real Estate
 
Consumer
 
Commercial
Operating
 
Agricultural
Operating
 
Premium
Finance
 
Total
 
(Dollars in Thousands)
Pass
$
171,840

 
$
439,186

 
$
33,272

 
$
173,164

 
$
50,139

 
$
17,815

 
$
179,508

 
$
1,064,924

Watch
197

 
73

 
1,641

 
—

 
180

 
1,999

 
—

 
4,090

Special Mention
663

 
938

 
24,645

 
—

 
—

 
3,286

 
—

 
29,532

Substandard
177

 
315

 
4,456

 
—

 
165

 
10,517

 
—

 
15,630

Doubtful
—

 
—

 
—

 
—

 
340

 
—

 
—

 
340

 
$
172,877

 
$
440,512

 
$
64,014

 
$
173,164

 
$
50,824

 
$
33,617

 
$
179,508

 
$
1,114,516


September 30, 2016
1-4 Family
Real Estate
 
Commercial and
Multi-Family
Real Estate
 
Agricultural
Real Estate
 
Consumer
 
Commercial
Operating
 
Agricultural
Operating
 
Premium
Finance
 
Total
 
(Dollars in Thousands)
Pass
$
161,255

 
$
421,577

 
$
34,421

 
$
37,094

 
$
30,574

 
$
19,669

 
$
171,604

 
$
876,194

Watch
200

 
72

 
2,934

 
—

 
184

 
4,625

 
—

 
8,015

Special Mention
666

 
962

 
25,675

 
—

 
—

 
5,407

 
—

 
32,710

Substandard
177

 
321

 
582

 
—

 
513

 
7,382

 
—

 
8,975

Doubtful
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
$
162,298

 
$
422,932

 
$
63,612

 
$
37,094

 
$
31,271

 
$
37,083

 
$
171,604

 
$
925,894
Past Due Loans
Past due loans at December 31, 2016 and September 30, 2016 were as follows:

December 31, 2016
30-59 Days
Past Due
 
60-89 Days
Past Due
 
Greater Than
90 Days
 
Total Past
Due
 
Current
 
Non-Accrual
Loans
 
Total Loans
Receivable
 
(Dollars in Thousands)
1-4 Family Real Estate
$
98

 
$
—

 
$
382

 
$
480

 
$
172,285

 
$
112

 
$
172,877

Commercial and Multi-Family Real Estate
3,040

 
155

 
—

 
3,195

 
437,317

 
—

 
440,512

Agricultural Real Estate
1,146

 
1,060

 
—

 
2,206

 
61,808

 
—

 
64,014

Consumer
309

 
—

 
29

 
338

 
172,826

 
—

 
173,164

Commercial Operating
—

 
—

 
—

 
—

 
50,319

 
505

 
50,824

Agricultural Operating
—

 
—

 
—

 
—

 
33,617

 
—

 
33,617

Premium Finance
1,080

 
431

 
1,207

 
2,718

 
176,790

 
—

 
179,508

Total
$
5,673

 
$
1,646

 
$
1,618

 
$
8,937

 
$
1,104,962

 
$
617

 
$
1,114,516



September 30, 2016
30-59 Days
Past Due
 
60-89 Days
Past Due
 
Greater Than
90 Days
 
Total Past
Due
 
Current
 
Non-Accrual
Loans
 
Total Loans
Receivable
 
(Dollars in Thousands)
1-4 Family Real Estate
$
—

 
$
30

 
$
—

 
$
30

 
$
162,185

 
$
83

 
$
162,298

Commercial and Multi-Family Real Estate
—

 
—

 
—

 
—

 
422,932

 
—

 
422,932

Agricultural Real Estate
—

 
—

 
—

 
—

 
63,612

 
—

 
63,612

Consumer
—

 
—

 
53

 
53

 
37,041

 
—

 
37,094

Commercial Operating
151

 
354

 
—

 
505

 
30,766

 
—

 
31,271

Agricultural Operating
—

 
—

 
—

 
—

 
37,083

 
—

 
37,083

Premium Finance
1,398

 
275

 
965

 
2,638

 
168,966

 
—

 
171,604

Total
$
1,549

 
$
659

 
$
1,018

 
$
3,226

 
$
922,585

 
$
83

 
$
925,894
Impaired Loans
Impaired loans at December 31, 2016 and September 30, 2016 were as follows:

 
Recorded
Balance
 
Unpaid Principal
Balance
 
Specific
Allowance
December 31, 2016
(Dollars in Thousands)
Loans without a specific valuation allowance
 
 
 
 
 
1-4 Family Real Estate
$
112

 
$
112

 
$
—

Commercial and Multi-Family Real Estate
429

 
429

 
—

Total
$
541

 
$
541

 
$
—

Loans with a specific valuation allowance
 

 
 

 
 

1-4 Family Real Estate
$
78

 
$
78

 
$
11

Commercial Operating
$
505

 
$
505

 
$
339

Total
$
583

 
$
583

 
$
350

 
Recorded
Balance
 
Unpaid Principal
Balance
 
Specific
Allowance
September 30, 2016
(Dollars in Thousands)
Loans without a specific valuation allowance
 
 
 
 
 
1-4 Family Real Estate
$
84

 
$
84

 
$
—

Commercial and Multi-Family Real Estate
433

 
433

 
—

Total
$
517

 
$
517

 
$
—

Loans with a specific valuation allowance
 

 
 

 
 

1-4 Family Real Estate
$
78

 
$
78

 
$
10

Total
$
78

 
$
78

 
$
10


The following table provides the average recorded investment in impaired loans for the three month periods ended December 31, 2016 and 2015.

 
Three Months Ended December 31,
 
 
2016
 
2015
 
 
Average
Recorded
Investment
 
Average
Recorded
Investment
 
 
(Dollars in Thousands)
1-4 Family Real Estate
$
172

 
$
119

 
Commercial and Multi-Family Real Estate
432

 
1,347

 
Commercial Operating
168

 
10

 
Agricultural Operating
—

 
5,032

 
Total
$
772

 
$
6,508

 
v3.6.0.2
EARNINGS PER COMMON SHARE ("EPS") (Tables)
 3 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Reconciliation of Net Income and Common Stock Share Amounts Used in Computation of Basic and Diluted EPS
A reconciliation of net income and common stock share amounts used in the computation of basic and diluted EPS for the three months ended December 31, 2016 and 2015 is presented below.

Three Months Ended December 31,
2016
 
2015
(Dollars in Thousands, Except Share and Per Share Data)
 
 
 
Earnings
 
 
 
Net Income
$
1,244

 
$
4,058

 
 
 
 
Basic EPS
 

 
 

Weighted average common shares outstanding
8,938,339

 
8,245,368

LESS: weighted average nonvested shares
151,312

 
27,311

Weighted average common shares outstanding
8,787,027

 
8,218,057

 
 
 
 
Earnings Per Common Share
 

 
 

Basic
$
0.14

 
$
0.49

 
 
 
 
Diluted EPS
 

 
 

Weighted average common shares outstanding for basic earnings per common share
8,787,027

 
8,218,057

Dilutive effect of assumed exercises of stock options, net of tax benefits
82,050

 
66,198

Weighted average common and dilutive potential common shares outstanding
8,869,077

 
8,284,255

 
 
 
 
Earnings Per Common Share
 

 
 

Diluted
$
0.14

 
$
0.49
v3.6.0.2
SECURITIES (Tables)
 3 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Securities Available for Sale
The amortized cost, gross unrealized gains and losses and estimated fair values of available for sale and held to maturity securities at December 31, 2016 and September 30, 2016 are presented below.

Available For Sale
 
 
GROSS

 
GROSS

 
 
At December 31, 2016
AMORTIZED
COST

 
UNREALIZED
GAINS

 
UNREALIZED
(LOSSES)

 
FAIR
VALUE

 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
Small business administration securities
78,396

 
1,104

 
(52
)
 
79,448

Non-bank qualified obligations of states and political subdivisions
740,723

 
3,432

 
(6,172
)
 
737,983

Asset-backed securities
118,085

 
791

 
(729
)
 
118,147

Mortgage-backed securities
543,698

 
497

 
(9,256
)
 
534,939

Total debt securities
1,480,902

 
5,824

 
(16,209
)
 
1,470,517

Common equities and mutual funds
856

 
406

 
(8
)
 
1,254

Total available for sale securities
$
1,481,758

 
$
6,230

 
$
(16,217
)
 
$
1,471,771


At September 30, 2016
AMORTIZED
COST

 
GROSS
UNREALIZED
GAINS

 
GROSS
UNREALIZED
(LOSSES)

 
FAIR
VALUE

 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
Trust preferred securities
$
14,935

 
$
—

 
$
(1,957
)
 
$
12,978

Small business administration securities
78,431

 
2,288

 
—

 
80,719

Non-bank qualified obligations of states and political subdivisions
668,628

 
30,141

 
(97
)
 
698,672

 Asset-backed securities
117,487

 
73

 
(745
)
 
116,815

Mortgage-backed securities
555,036

 
4,382

 
(478
)
 
558,940

Total debt securities
1,434,517

 
36,884

 
(3,277
)
 
1,468,124

Common equities and mutual funds
755

 
373

 
(3
)
 
1,125

Total available for sale securities
$
1,435,272

 
$
37,257

 
$
(3,280
)
 
$
1,469,249
Securities Held to Maturity

Held to Maturity
 
 
GROSS

 
GROSS

 
 
At December 31, 2016
AMORTIZED
COST

 
UNREALIZED
GAINS

 
UNREALIZED
(LOSSES)

 
FAIR
VALUE

 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
20,352

 
$
45

 
$
(278
)
 
$
20,119

Non-bank qualified obligations of states and political subdivisions
458,259

 
1,326

 
(5,072
)
 
454,513

Mortgage-backed securities
126,365

 
—

 
(1,896
)
 
124,469

Total held to maturity securities
$
604,976

 
$
1,371

 
$
(7,246
)
 
$
599,101

At September 30, 2016
AMORTIZED
COST

 
GROSS
UNREALIZED
GAINS

 
GROSS
UNREALIZED
(LOSSES)

 
FAIR
VALUE

 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
20,626

 
$
355

 
$
(44
)
 
$
20,937

Non-bank qualified obligations of states and political subdivisions
465,469

 
11,744

 
(11
)
 
477,202

Mortgage-backed securities
133,758

 
708

 
(31
)
 
134,435

Total held to maturity securities
$
619,853

 
$
12,807

 
$
(86
)
 
$
632,574
Trust Preferred Securities Included in Securities Available for Sale
Included in securities available for sale are trust preferred securities as follows:

During the first quarter of fiscal 2017, the Company sold all trust preferred securities.

At September 30, 2016
 
 
 
 
 
 
 
 
     
Issuer
Amortized Cost
 
Fair Value
 
Unrealized
Gain (Loss)
 
S&P
Credit Rating
 
Moody's
Credit Rating
 
(Dollars in Thousands)
 
 
 
  
Key Corp. Capital I
$
4,987

 
$
4,189

 
$
(798
)
 
BB+
 
Baa2
Huntington Capital Trust II SE
4,981

 
4,077

 
(904
)
 
BB
 
Baa2
PNC Capital Trust
4,968

 
4,712

 
(256
)
 
BBB-
 
Baa1
Total
$
14,936

 
$
12,978

 
$
(1,958
)
 
 
 
  

 
Gross Unrealized Losses and Fair Value of Securities Available for Sale in Continuous Unrealized Loss Position
Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2016 and September 30, 2016, were as follows:

Available For Sale
LESS THAN 12 MONTHS
 
OVER 12 MONTHS
 
TOTAL
At December 31, 2016
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
 
 
 
 
   Small business administration securities
$
28,331

 
$
(52
)
 
$
—

 
$
—

 
$
28,331

 
$
(52
)
Non-bank qualified obligations of states and political subdivisions
396,493

 
(6,002
)
 
2,561

 
(170
)
 
399,054

 
(6,172
)
Asset-backed securities
50,481

 
(729
)
 
—

 
—

 
50,481

 
(729
)
Mortgage-backed securities
473,394

 
(8,333
)
 
34,794

 
(923
)
 
508,188

 
(9,256
)
Total debt securities
948,699

 
(15,116
)
 
37,355

 
(1,093
)
 
986,054

 
(16,209
)
Common equities and mutual funds
—

 
—

 
120

 
(8
)
 
120

 
(8
)
Total available for sale securities
$
948,699

 
$
(15,116
)
 
$
37,475

 
$
(1,101
)
 
$
986,174

 
$
(16,217
)

 
LESS THAN 12 MONTHS
 
OVER 12 MONTHS
 
TOTAL
At September 30, 2016
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
 
 
 
 
Trust preferred securities
$
—

 
$
—

 
$
12,978

 
$
(1,957
)
 
$
12,978

 
$
(1,957
)
Non-bank qualified obligations of states and political subdivisions
8,481

 
(58
)
 
2,688

 
(39
)
 
11,169

 
(97
)
Asset-backed securities
89,403

 
(745
)
 
—

 
—

 
89,403

 
(745
)
Mortgage-backed securities
54,065

 
(230
)
 
36,979

 
(248
)
 
91,044

 
(478
)
Total debt securities
151,949

 
(1,033
)
 
52,645

 
(2,244
)
 
204,594

 
(3,277
)
Common equities and mutual funds
—

 
—

 
125

 
(3
)
 
125

 
(3
)
Total available for sale securities
$
151,949

 
$
(1,033
)
 
$
52,770

 
$
(2,247
)
 
$
204,719

 
$
(3,280
)
Gross Unrealized Losses and Fair Value of Securities Held to Maturity in Continuous Unrealized Loss Position

Held To Maturity
LESS THAN 12 MONTHS
 
OVER 12 MONTHS
 
TOTAL
At December 31, 2016
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
14,552

 
$
(230
)
 
$
2,236

 
$
(48
)
 
$
16,788

 
$
(278
)
Non-bank qualified obligations of states and political subdivisions
356,031

 
(5,072
)
 
—

 
—

 
356,031

 
(5,072
)
Mortgage-backed securities
124,469

 
(1,896
)
 
—

 
—

 
124,469

 
(1,896
)
Total held to maturity securities
$
495,052

 
$
(7,198
)
 
$
2,236

 
$
(48
)
 
$
497,288

 
$
(7,246
)
 
LESS THAN 12 MONTHS
 
OVER 12 MONTHS
 
TOTAL
At September 30, 2016
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
Fair Value
 
Unrealized
(Losses)
 
(Dollars in Thousands)
Debt securities
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
2,909

 
$
(13
)
 
$
2,256

 
$
(31
)
 
$
5,165

 
$
(44
)
Non-bank qualified obligations of states and political subdivisions
1,294

 
(11
)
 
—

 
—

 
1,294

 
(11
)
Mortgage-backed securities
20,061

 
(31
)
 
—

 
—

 
20,061

 
(31
)
Total held to maturity securities
$
24,264

 
$
(55
)
 
$
2,256

 
$
(31
)
 
$
26,520

 
$
(86
)
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities by contractual maturity are shown below.  Certain securities have call features which allow the issuer to call the security prior to maturity.  Expected maturities may differ from contractual maturities in mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.  Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary.  The expected maturities of certain Small Business Administration and certain asset-backed securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply.

Available For Sale
AMORTIZED
COST

 
FAIR
VALUE

 
At December 31, 2016
(Dollars in Thousands)
 
 
 
 
Due in one year or less
$
—

 
$
—

Due after one year through five years
13,248

 
13,386

Due after five years through ten years
408,123

 
410,652

Due after ten years
515,833

 
511,540

 
937,204

 
935,578

Mortgage-backed securities
543,698

 
534,939

Common equities and mutual funds
856

 
1,254

Total available for sale securities
$
1,481,758

 
$
1,471,771

 
AMORTIZED
COST

 
FAIR
VALUE

At September 30, 2016
(Dollars in Thousands)
 
 
 
 
Due in one year or less
$
—

 
$
—

Due after one year through five years
17,370

 
17,897

Due after five years through ten years
426,034

 
446,771

Due after ten years
436,077

 
444,516

 
879,481

 
909,184

Mortgage-backed securities
555,036

 
558,940

Common equities and mutual funds
755

 
1,125

Total available for sale securities
$
1,435,272

 
$
1,469,249

Held To Maturity
AMORTIZED
COST

 
FAIR
VALUE

 
At December 31, 2016
(Dollars in Thousands)
 
 
 
 
Due in one year or less
$
341

 
$
341

Due after one year through five years
12,648

 
12,618

Due after five years through ten years
157,174

 
156,228

Due after ten years
308,448

 
305,445

 
478,611

 
474,632

Mortgage-backed securities
126,365

 
124,469

Total held to maturity securities
$
604,976

 
$
599,101


 
AMORTIZED
COST

 
FAIR
VALUE

At September 30, 2016
(Dollars in Thousands)
Due in one year or less
$
472

 
$
471

Due after one year through five years
12,502

 
12,696

Due after five years through ten years
157,944

 
163,806

Due after ten years
315,177

 
321,166

 
486,095

 
498,139

Mortgage-backed securities
133,758

 
134,435

Total held to maturity securities
$
619,853

 
$
632,574
v3.6.0.2
STOCK OPTION PLAN (Tables)
 3 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Activity of Options
The following tables show the activity of options and nonvested (restricted) shares granted, exercised, or forfeited under the Company’s option and incentive plan for the three months ended December 31, 2016:

 
Number
of
Shares

 
Weighted
Average
Exercise
Price

 
Weighted
Average
Remaining
Contractual
Term (Yrs)

 
Aggregate
 Intrinsic
Value

 
(Dollars in Thousands, Except Share and Per Share Data)
Options outstanding, September 30, 2016
125,560

 
$
25.73

 
2.68

 
$
4,379

Granted
—

 
—

 
—

 
—

Exercised
(4,023
)
 
35.69

 
—

 
229

Forfeited or expired
(16,252
)
 
25.00

 
—

 
1,272

Options outstanding, December 31, 2016
105,285

 
$
25.52

 
2.47

 
$
8,147

 
 
 
 
 
 
 
 
Options exercisable, December 31, 2016
105,285

 
$
25.79

 
2.44

 
$
8,147


 
Number
of
Shares

 
Weighted
Average
Fair Value
at Grant

(Dollars in Thousands, Except Share and Per Share Data)
Nonvested shares outstanding, September 30, 2016
20,656

 
$
41.37

Granted
279,065

 
86.47

Vested
(13,927
)
 
64.72

Forfeited or expired
—

 
—

Nonvested shares outstanding, December 31, 2016
285,794

 
$
84.27
v3.6.0.2
SEGMENT INFORMATION (Tables)
 3 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Segment Information of Entity
The following tables present segment data for the Company for the three months ended December 31, 2016 and 2015, respectively.

 
Payments
 
Banking
 
Corporate
Services/Other
 
Total
Three Months Ended December 31, 2016
 
 
 
 
 
 
 
Interest income
$
2,912

 
$
10,754

 
$
8,909

 
$
22,575

Interest expense
—

 
544

 
2,198

 
2,742

Net interest income (expense)
2,912

 
10,210

 
6,711

 
19,833

Provision (recovery) for loan losses
331

 
512

 
—

 
843

Non-interest income
19,024

 
1,072

 
(747
)
 
19,349

Non-interest expense
20,871

 
5,555

 
10,327

 
36,753

Income (loss) before income tax expense (benefit)
734

 
5,215

 
(4,363
)
 
1,586

 
 
 
 
 
 
 
 
Total assets
87,069

 
1,101,542

 
3,024,718

 
4,213,329

Total deposits
2,435,530

 
225,182

 
1,002,425

 
3,663,137

 
Payments
 
Banking
 
Corporate
Services/Other
 
Total
Three Months Ended December 31, 2015
 
 
 
 
 
 
 
Interest income
$
1,964

 
$
8,851

 
$
7,460

 
$
18,275

Interest expense
40

 
253

 
427

 
720

Net interest income (expense)
1,924

 
8,598

 
7,033

 
17,555

Provision (recovery) for loan losses
80

 
706

 
—

 
786

Non-interest income
15,352

 
1,056

 
426

 
16,834

Non-interest expense
16,017

 
5,428

 
8,563

 
30,008

Income (loss) before income tax expense (benefit)
1,179

 
3,520

 
(1,104
)
 
3,595

 
 
 
 
 
 
 
 
Total assets
51,359

 
735,222

 
2,173,653

 
2,960,234

Total deposits
2,341,783

 
227,260

 
—

 
2,569,043
v3.6.0.2
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Summary of Fair Values of Securities Available for Sale and Held to Maturity
The following table summarizes the fair values of securities available for sale and held to maturity at December 31, 2016 and September 30, 2016.  Securities available for sale are measured at fair value on a recurring basis, while securities held to maturity are carried at amortized cost in the consolidated statements of financial condition.
 
Fair Value At December 31, 2016
 
Available For Sale
 
Held to Maturity
(Dollars in Thousands)
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Small business administration securities
79,448

 
—

 
79,448

 
—

 
—

 
—

 
—

 
—

Obligations of states and political subdivisions
—

 
—

 
—

 
—

 
20,119

 
—

 
20,119

 
—

Non-bank qualified obligations of states and political subdivisions
737,983

 
—

 
737,983

 
—

 
454,513

 
—

 
454,513

 
—

Asset-backed securities
118,147

 
—

 
118,147

 
—

 
—

 
—

 
—

 
—

Mortgage-backed securities
534,939

 
—

 
534,939

 
—

 
124,469

 
—

 
124,469

 
—

Total debt securities
1,470,517

 
—

 
1,470,517

 
—

 
599,101

 
—

 
599,101

 
—

Common equities and mutual funds
1,254

 
1,254

 
—

 
—

 
—

 
—

 
—

 
—

Total securities
$
1,471,771

 
$
1,254

 
$
1,470,517

 
$
—

 
$
599,101

 
$
—

 
$
599,101

 
$
—

 
Fair Value At September 30, 2016
 
Available For Sale
 
Held to Maturity
(Dollars in Thousands)
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust preferred securities
$
12,978

 
$
—

 
$
12,978

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Small business administration securities
80,719

 
—

 
80,719

 
—

 
—

 
—

 
—

 
—

Obligations of states and political subdivisions
—

 
—

 
—

 
—

 
20,937

 
—

 
20,937

 
—

Non-bank qualified obligations of states and political subdivisions
698,672

 
—

 
698,672

 
—

 
477,202

 
—

 
477,202

 
—

Asset-backed securities
116,815

 
—

 
116,815

 
—

 
—

 
—

 
—

 
—

Mortgage-backed securities
558,940

 
—

 
558,940

 
—

 
134,435

 
—

 
134,435

 
—

Total debt securities
1,468,124

 
—

 
1,468,124

 
—

 
632,574

 
—

 
632,574

 
—

Common equities and mutual funds
1,125

 
1,125

 
—

 
—

 
—

 
—

 
—

 
—

Total securities
$
1,469,249

 
$
1,125

 
$
1,468,124

 
$
—

 
$
632,574

 
$
—

 
$
632,574

 
$
—
Assets Measured at Fair Value on Nonrecurring Basis
The following table summarizes the assets of the Company that were measured at fair value in the consolidated statements of financial condition on a non-recurring basis as of December 31, 2016 and September 30, 2016.
 
 
Fair Value At December 31, 2016
(Dollars in Thousands)
Total
 
Level 1
 
Level 2
 
Level 3
Impaired Loans, net
 
 
 
 
 
 
 
  1-4 family residential mortgage loans
$
67

 
$
—

 
$
—

 
$
67

   Commercial operating loans
$
165

 
$
—

 
$
—

 
$
165

     Total Impaired Loans
$
232

 
$
—

 
$
—

 
$
232

Foreclosed Assets, net
$
76

 
$
—

 
$
—

 
$
76

Total
$
308

 
$
—

 
$
—

 
$
308

 
Fair Value At September 30, 2016
(Dollars in Thousands)
Total
 
Level 1
 
Level 2
 
Level 3
Impaired Loans, net
 
 
 
 
 
 
 
  1-4 family residential mortgage loans
$
68

 
$
—

 
$
—

 
$
68

     Total Impaired Loans
68

 
—

 
—

 
68

Foreclosed Assets, net
76

 
 
 
 
 
76

Total
$
144

 
$
—

 
$
—

 
$
144

The significant inputs in the Level 3 measurement not supported by market activity included our probability assessments of expected future cash flows related to our acquisition of SCS during the earn-out period.
 
December 31, 2016
 
September 30, 2016
 
Fair Value Measurements Using Input Types
 
Fair Value Measurements Using Input Types
(Dollars in Thousands)
Level 1
Level 2
Level 3
Total
 
Level 1
Level 2
Level 3
Total
Liabilities:
 
 
 
 
 
 
 
 
 
Contingent Consideration
$
—

$
—

$
17,259

$
17,259

 
$
—

$
—

$
—

$
—

     Total liabilities
$
—

$
—

$
17,259

$
17,259

 
$
—

$
—

$
—

$
—
Quantitative Information about Level 3 Fair Value Measurements
 
Quantitative Information About Level 3 Fair Value Measurements
(Dollars in Thousands)
Fair Value at
December 31, 2016
 
Fair Value at
September 30, 2016
 
Valuation
Technique
 
Unobservable Input
 
Range of Inputs
Impaired Loans, net
$
232

 
68

 
Market approach
 
Appraised values (1)
 
4.00 - 10.00%
Foreclosed Assets, net
$
76

 
76

 
Market approach
 
Appraised values (1)
 
4.00 - 10.00%
Contingent Consideration
$
17,259

 
—

 
Option based income
 
Discount rate
 
7.20%
 
 
 
 
 
 
 
Risk-free rate
 
1.02%
 
 
 
 
 
 
 
Company specific discount rate
 
1.76%
(1) 
The Company generally relies on external appraisers to develop this information.  Management reduced the appraised value by estimated selling costs in a range of 4% to 10%.
Carrying Amount and Estimated Fair Value of Financial Instruments
The following presents the carrying amount and estimated fair value of the financial instruments held by the Company at December 31, 2016 and September 30, 2016.
 
 
December 31, 2016
 
Carrying
Amount
 
Estimated
Fair Value
 
Level 1
 
Level 2
 
Level 3
 
(Dollars in Thousands)
Financial assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
695,731

 
$
695,731

 
$
695,731

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
Securities available for sale
1,471,771

 
1,471,771

 
1,254

 
1,470,517

 
—

Securities held to maturity
604,976

 
599,101

 
—

 
599,101

 
—

Total securities
2,076,747

 
2,070,872

 
1,254

 
2,069,618

 
—

 
 
 
 
 
 
 
 
 
 
Loans held-for-sale
1,223

 
1,223

 
—

 
1,223

 
—

 
 
 
 
 
 
 
 
 
 
Loans receivable:
 

 
 

 
 

 
 

 
 

One to four family residential mortgage loans
172,877

 
170,283

 
—

 
—

 
170,283

Commercial and multi-family real estate loans
440,512

 
432,143

 
—

 
—

 
432,143

Agricultural real estate loans
64,014

 
62,973

 
—

 
—

 
62,973

Consumer loans
173,164

 
174,796

 
—

 
—

 
174,796

Commercial operating loans
50,824

 
50,149

 
—

 
—

 
50,149

Agricultural operating loans
33,617

 
33,481

 
—

 
—

 
33,481

Premium finance loans
179,508

 
179,874

 
—

 
—

 
179,874

Total loans receivable
1,114,516

 
1,103,699

 
—

 
—

 
1,103,699

 
 
 
 
 
 
 
 
 
 
Federal Home Loan Bank stock
3,832

 
3,832

 
—

 
3,832

 
—

Accrued interest receivable
21,375

 
21,375

 
21,375

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Financial liabilities
 

 
 

 
 

 
 

 
 

Noninterest bearing demand deposits
2,473,275

 
2,473,275

 
2,473,275

 
—

 
—

Interest bearing demand deposits, savings, and money markets
140,541

 
140,541

 
140,541

 
—

 
—

Certificates of deposit
122,334

 
121,830

 
—

 
121,830

 
—

Wholesale non-maturing deposits
499,608

 
499,608

 
499,608

 
—

 
—

Wholesale certificates of deposit
427,379

 
426,960

 
—

 
426,960

 
—

Total deposits
3,663,137

 
3,662,214

 
3,113,424

 
548,790

 
—

 
 
 
 
 
 
 
 
 
 
Advances from Federal Home Loan Bank
7,000

 
7,940

 
—

 
7,940

 
—

Securities sold under agreements to repurchase
3,782

 
3,782

 
—

 
3,782

 
—

Capital lease
2,000

 
2,000

 
—

 
2,000

 
—

Trust preferred securities
10,310

 
10,436

 
—

 
10,436

 
—

Subordinated debentures
73,244

 
76,843

 
—

 
76,843

 
—

Accrued interest payable
2,255

 
2,255

 
2,255

 
—

 
—

 
September 30, 2016
 
Carrying
Amount
 
Estimated
Fair Value
 
Level 1
 
Level 2
 
Level 3
 
(Dollars in Thousands)
Financial assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
773,830

 
$
773,830

 
$
773,830

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
Securities available for sale
1,469,249

 
1,469,249

 
1,125

 
1,468,124

 
—

Securities held to maturity
619,853

 
632,574

 
—

 
632,574

 
—

Total securities
2,089,102

 
2,101,823

 
1,125

 
2,100,698

 
—

 
 
 
 
 
 
 
 
 
 
Loans receivable:
 

 
 

 
 

 
 

 
 

One to four family residential mortgage loans
162,298

 
163,886

 
—

 
—

 
163,886

Commercial and multi-family real estate loans
422,932

 
422,307

 
—

 
—

 
422,307

Agricultural real estate loans
63,612

 
63,868

 
—

 
—

 
63,868

Consumer loans
37,094

 
36,738

 
—

 
—

 
36,738

Commercial operating loans
31,271

 
31,108

 
—

 
—

 
31,108

Agricultural operating loans
37,083

 
36,897

 
—

 
—

 
36,897

Premium finance loans
171,604

 
172,000

 
—

 
—

 
172,000

Total loans receivable
925,894

 
926,803

 
—

 
—

 
926,803

 
 
 
 
 
 
 
 
 
 
Federal Home Loan Bank stock
47,512

 
47,512

 
—

 
47,512

 
—

Accrued interest receivable
17,199

 
17,199

 
17,199

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Financial liabilities
 

 
 

 
 

 
 

 
 

Noninterest bearing demand deposits
2,167,522

 
2,167,522

 
2,167,522

 
—

 
—

Interest bearing demand deposits, savings, and money markets
136,568

 
136,568

 
136,568

 
—

 
—

Certificates of deposit
125,992

 
125,772

 
—

 
125,772

 
—

Total deposits
2,430,082

 
2,429,862

 
2,304,090

 
125,772

 
—

 
 
 
 
 
 
 
 
 
 
Advances from Federal Home Loan Bank
107,000

 
108,168

 
—

 
108,168

 
—

Federal funds purchased
992,000

 
992,000

 
992,000

 
—

 
—

Securities sold under agreements to repurchase
3,039

 
3,039

 
—

 
3,039

 
—

Capital lease
2,018

 
2,018

 
—

 
2,018

 
—

Trust preferred securities
10,310

 
10,437

 
—

 
10,437

 
—

Subordinated debentures
73,211

 
77,250

 
—

 
77,250

 
—

Accrued interest payable
875

 
875

 
875

 
—

 
—
v3.6.0.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
 3 Months Ended
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Amortizable Intangible Assets
As part of each business combination, the Company also recognized the following amortizable intangible assets:
AFS/IBEX
 
 
 
 
 
 
 
 
   
Intangible
Amount Upon Acquisition
 
Accumulated Amortization
 
Balance at December 31, 2016
 
Book Amortization
Period (Years)
 
Method
Trademark
$
540

 
(75
)
 
465

 
15
 
Straight Line
Non-Compete
260

 
(181
)
 
79

 
3
 
Straight Line
Customer Relationships
7,240

 
(2,543
)
 
4,697

 
30
 
Accelerated
Technology/Other
173

 
(105
)
 
68

 
Varied
 
Straight Line
Total
$
8,213

 
(2,904
)
 
5,309

 
 
 
 

Refund Advantage
 
 
 
 
 
 
 
 
   
Intangible
Amount Upon Acquisition
 
Accumulated Amortization
 
Balance at December 31, 2016
 
Book Amortization
Period (Years)
 
Method
Trademark
$
4,950

 
(343
)
 
4,607

 
15
 
Accelerated
Non-Compete
40

 
(18
)
 
22

 
3
 
Straight Line
Customer Relationships
18,800

 
(3,789
)
 
15,011

 
12 to 20
 
Accelerated
Technology/Other
329

 
(90
)
 
239

 
Varied
 
Straight Line
Total
$
24,119

 
(4,240
)
 
19,879

 
 
 
 


EPS
 
 
 
 
 
 
 
 
   
Intangible
Amount Upon Acquisition
 
Accumulated Amortization
 
Balance at December 31, 2016
 
Book Amortization
Period (Years)
 
Method
Trademark
$
5,190

 
(39
)
 
5,151

 
15
 
Accelerated
Non-Compete
1,630

 
(55
)
 
1,575

 
Varied
 
Straight Line
Customer Relationships
10,110

 
(311
)
 
9,799

 
20
 
Accelerated
Technology/Other
1,000

 
(55
)
 
945

 
3
 
Straight Line
Total
$
17,930

 
(460
)
 
17,470

 
 
 
 

SCS
 
 
 
 
 
 
 
 
   
Intangible
Amount Upon Acquisition
 
Accumulated Amortization
 
Balance at December 31, 2016
 
Book Amortization
Period (Years)
 
Method
Trademark
$
290

 
(4
)
 
286

 
5
 
Accelerated
Non-Compete
580

 
(6
)
 
574

 
Varied
 
Straight Line
Customer Relationships
22,120

 
—

 
22,120

 
Varied
 
Accelerated
Technology/Other
5,100

 
(14
)
 
5,086

 
15
 
Straight Line
Total
$
28,090

 
(24
)
 
28,066

 
 
 
 
Other
 
 
 
 
 
 
 
 
   
Intangible
Total Accumulated Costs, Net (1)
 
Accumulated Amortization
 
Balance at December 31, 2016
 
Book Amortization
Period (Years)
 
Method
Technology/Other
$
3,110

 
(362
)
 
2,748

 
Varied
 
Straight Line
Total
$
3,110

 
(362
)
 
2,748

 
 
 
 
(1) Net of Patents write-offs, to date, totaling, $378K.
Changes in Carrying Amount of Goodwill and Intangible Assets
The changes in the carrying amount of the Company’s goodwill and intangible assets for the three months ended December 31, 2016 and 2015 were as follows:
 
 
2016
 
2015
 
(Dollars in Thousands)
Goodwill
 
 
 
Balance as of September 30,
$
36,928

 
$
36,928

Acquisitions during the period
61,970

 
—

Write-offs during the period
—

 
—

Balance as of December 31,
$
98,898

 
$
36,928

 
Trademark
 
Non-Compete
 
Customer
Relationships
 
All Others
 
Total
Intangibles
 
Balance as of September 30, 2016
$
5,149

 
$
127

 
$
20,590

 
$
3,055

 
$
28,921

Acquisitions during the period
5,480

 
2,210

 
32,230

 
6,156

 
46,076

Amortization during the period
(120
)
 
(86
)
 
(1,193
)
 
(126
)
 
(1,525
)
Write-offs during the period
—

 
—

 
—

 
—

 
—

Balance as of December 31, 2016
$
10,509

 
$
2,251

 
$
51,627

 
$
9,085

 
$
73,472


 
Trademark
 
Non-Compete
 
Customer
Relationships
 
All Others
 
Total
Intangibles
 
Balance as of September 30, 2015
$
5,439

 
$
227

 
$
24,811

 
$
3,100

 
$
33,577

Acquisitions during the period
—

 
—

 
—

 
54

 
54

Amortization during the period
(72
)
 
(25
)
 
(1,064
)
 
(52
)
 
(1,213
)
Write-offs during the period
—

 
—

 
—

 
—

 
—

Balance as of December 31, 2015
$
5,367

 
$
202

 
$
23,747

 
$
3,102

 
$
32,418
v3.6.0.2
ACQUISITIONS (Details)
$ in Thousands
 3 Months Ended
Dec. 14, 2016
USD ($)
shares
Nov. 01, 2016
USD ($)
franchise
shares
Dec. 31, 2016
USD ($)
Sep. 30, 2016
USD ($)
Dec. 31, 2015
USD ($)
Sep. 30, 2014
USD ($)
Business Acquisition [Line Items]            
Pre-tax transaction related expenses     $ 500      
Fair value of consideration paid            
Contingent consideration - cash     17,259   $ 0  
Contingent consideration - equity     24,091   0  
Fair value of assets acquired            
Goodwill resulting from acquisition     $ 98,898 $ 36,928 $ 36,928 $ 36,928
EPS [Member]            
Business Acquisition [Line Items]            
Number of Electronic Return Originators | franchise   10,000        
Pre-tax transaction related expenses   $ 500        
Fair value of consideration paid            
Cash   $ 21,877        
Number of shares issued | shares   369,179        
Stock issued   $ 26,507        
Total consideration paid   48,384        
Fair value of assets acquired            
Intangible assets   17,930        
Other assets   79        
Total assets   18,009        
Fair value of net assets acquired   18,009        
Goodwill resulting from acquisition   $ 30,375        
SCS [Member]            
Business Acquisition [Line Items]            
Contingent consideration arrangements, measured business gross profit maximum $ 17,500          
Performance target earnout payments (in shares) | shares 264,431          
Performance target earnout payments, percent 100.00%          
Fair value of consideration paid            
Cash $ 7,548          
Number of shares issued | shares 113,328          
Stock issued $ 10,789          
Paid consideration 18,337          
Contingent consideration - cash 17,259          
Contingent consideration - equity 24,091          
Contingent consideration payable 41,350          
Total consideration paid 59,687          
Fair value of assets acquired            
Intangible assets 28,090          
Other assets 2          
Total assets 28,092          
Fair value of net assets acquired 28,092          
Goodwill resulting from acquisition $ 31,595          
v3.6.0.2
CREDIT DISCLSOURES - Summary of Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Sep. 30, 2016
Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable $ 1,114,516 $ 925,894 $ 744,581
Allowance for loan losses (6,415) (5,635)  
Net Deferred Loan Origination Fees (1,031) (789)  
Total Loans Receivable, Net 1,107,070 919,470  
1-4 Family Real Estate [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 172,877 162,298 134,850
Commercial and Multi-Family Real Estate [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 440,512 422,932 322,125
Agricultural Real Estate [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 64,014 63,612 64,181
Consumer [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 173,164 37,094 34,868
Commercial Operating [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 50,824 31,271 37,505
Agricultural Operating [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable 33,617 37,083 40,412
Premium Finance [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total Loans Receivable $ 179,508 $ 171,604 $ 110,640
v3.6.0.2
CREDIT DISCLSOURES - Allowance for Loan Losses and Recorded Investment in Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Sep. 30, 2016
Dec. 31, 2015
Allowance for Credit Losses [Roll Forward]          
Beginning balance $ 5,635 $ 6,255      
Provision (recovery) for loan losses 843 786      
Charge offs (118) (390)      
Recoveries 55 15      
Ending balance 6,415 6,666      
Ending balance: individually evaluated for impairment     $ 350   $ 3,849
Ending balance: collectively evaluated for impairment     6,065   2,817
Total 5,635 6,255 6,415 $ 5,635 6,666
Loans:          
Ending balance: individually evaluated for impairment     1,124   6,298
Ending balance: collectively evaluated for impairment     1,113,392   738,283
Total Loans Receivable     1,114,516 925,894 744,581
1-4 Family Real Estate [Member]          
Allowance for Credit Losses [Roll Forward]          
Beginning balance 654 278      
Provision (recovery) for loan losses 0 7      
Charge offs 0 0      
Recoveries 0 0      
Ending balance 654 285      
Ending balance: individually evaluated for impairment     11   0
Ending balance: collectively evaluated for impairment     643   285
Total 654 278 654 654 285
Loans:          
Ending balance: individually evaluated for impairment     190   117
Ending balance: collectively evaluated for impairment     172,687   134,733
Total Loans Receivable     172,877 162,298 134,850
Commercial and Multi-Family Real Estate [Member]          
Allowance for Credit Losses [Roll Forward]          
Beginning balance 2,198 1,187      
Provision (recovery) for loan losses (286) 7      
Charge offs 0 0      
Recoveries 0 0      
Ending balance 1,912 1,194      
Ending balance: individually evaluated for impairment     0   235
Ending balance: collectively evaluated for impairment     1,912   959
Total 2,198 1,187 1,912 2,198 1,194
Loans:          
Ending balance: individually evaluated for impairment     429   1,341
Ending balance: collectively evaluated for impairment     440,083   320,784
Total Loans Receivable     440,512 422,932 322,125
Agricultural Real Estate [Member]          
Allowance for Credit Losses [Roll Forward]          
Beginning balance 142 163      
Provision (recovery) for loan losses 334 8      
Charge offs 0 0      
Recoveries 0 0      
Ending balance 476 171      
Ending balance: individually evaluated for impairment     0   0
Ending balance: collectively evaluated for impairment     476   171
Total 142 163 476 142 171
Loans:          
Ending balance: individually evaluated for impairment     0   0
Ending balance: collectively evaluated for impairment     64,014   64,181
Total Loans Receivable     64,014 63,612 64,181
Consumer [Member]          
Allowance for Credit Losses [Roll Forward]          
Beginning balance 51 20      
Provision (recovery) for loan losses (28) 0      
Charge offs 0 0      
Recoveries 24 0      
Ending balance 47 20      
Ending balance: individually evaluated for impairment     0   0
Ending balance: collectively evaluated for impairment     47   20
Total 51 20 47 51 20
Loans:          
Ending balance: individually evaluated for impairment     0   0
Ending balance: collectively evaluated for impairment     173,164   34,868
Total Loans Receivable     173,164 37,094 34,868
Commercial Operating [Member]          
Allowance for Credit Losses [Roll Forward]          
Beginning balance 117 28      
Provision (recovery) for loan losses 691 79      
Charge offs 0 0      
Recoveries 5 0      
Ending balance 813 107      
Ending balance: individually evaluated for impairment     339   0
Ending balance: collectively evaluated for impairment     474   107
Total 117 28 813 117 107
Loans:          
Ending balance: individually evaluated for impairment     505   8
Ending balance: collectively evaluated for impairment     50,319   37,497
Total Loans Receivable     50,824 31,271 37,505
Agricultural Operating [Member]          
Allowance for Credit Losses [Roll Forward]          
Beginning balance 1,332 3,537      
Provision (recovery) for loan losses (3) 319      
Charge offs 0 0      
Recoveries 12 0      
Ending balance 1,341 3,856      
Ending balance: individually evaluated for impairment     0   3,614
Ending balance: collectively evaluated for impairment     1,341   242
Total 1,332 3,537 1,341 1,332 3,856
Loans:          
Ending balance: individually evaluated for impairment     0   4,832
Ending balance: collectively evaluated for impairment     33,617   35,580
Total Loans Receivable     33,617 37,083 40,412
Premium Finance [Member]          
Allowance for Credit Losses [Roll Forward]          
Beginning balance 588 293      
Provision (recovery) for loan losses 110 506      
Charge offs (118) (390)      
Recoveries 14 15      
Ending balance 594 424      
Ending balance: individually evaluated for impairment     0   0
Ending balance: collectively evaluated for impairment     594   424
Total 588 293 594 588 424
Loans:          
Ending balance: individually evaluated for impairment     0   0
Ending balance: collectively evaluated for impairment     179,508   110,640
Total Loans Receivable     179,508 171,604 110,640
Unallocated [Member]          
Allowance for Credit Losses [Roll Forward]          
Beginning balance 553 749      
Provision (recovery) for loan losses 25 (140)      
Charge offs 0 0      
Recoveries 0 0      
Ending balance 578 609      
Ending balance: individually evaluated for impairment     0   0
Ending balance: collectively evaluated for impairment     578   609
Total $ 553 $ 749 578 $ 553 609
Loans:          
Ending balance: individually evaluated for impairment     0   0
Ending balance: collectively evaluated for impairment     0   0
Total Loans Receivable     $ 0   $ 0
v3.6.0.2
CREDIT DISCLSOURES - Asset Classification of Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Sep. 30, 2016
Dec. 31, 2015
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable $ 1,114,516 $ 925,894 $ 744,581
Pass [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 1,064,924 876,194  
Watch [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 4,090 8,015  
Special Mention [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 29,532 32,710  
Substandard [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 15,630 8,975  
Doubtful [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 340 0  
1-4 Family Real Estate [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 172,877 162,298 134,850
1-4 Family Real Estate [Member] | Pass [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 171,840 161,255  
1-4 Family Real Estate [Member] | Watch [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 197 200  
1-4 Family Real Estate [Member] | Special Mention [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 663 666  
1-4 Family Real Estate [Member] | Substandard [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 177 177  
1-4 Family Real Estate [Member] | Doubtful [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 0 0  
Commercial and Multi-Family Real Estate [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 440,512 422,932 322,125
Commercial and Multi-Family Real Estate [Member] | Pass [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 439,186 421,577  
Commercial and Multi-Family Real Estate [Member] | Watch [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 73 72  
Commercial and Multi-Family Real Estate [Member] | Special Mention [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 938 962  
Commercial and Multi-Family Real Estate [Member] | Substandard [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 315 321  
Commercial and Multi-Family Real Estate [Member] | Doubtful [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 0 0  
Agricultural Real Estate [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 64,014 63,612 64,181
Agricultural Real Estate [Member] | Pass [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 33,272 34,421  
Agricultural Real Estate [Member] | Watch [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 1,641 2,934  
Agricultural Real Estate [Member] | Special Mention [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 24,645 25,675  
Agricultural Real Estate [Member] | Substandard [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 4,456 582  
Agricultural Real Estate [Member] | Doubtful [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 0 0  
Consumer [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 173,164 37,094 34,868
Consumer [Member] | Pass [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 173,164 37,094  
Consumer [Member] | Watch [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 0 0  
Consumer [Member] | Special Mention [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 0 0  
Consumer [Member] | Substandard [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 0 0  
Consumer [Member] | Doubtful [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 0 0  
Commercial Operating [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 50,824 31,271 37,505
Commercial Operating [Member] | Pass [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 50,139 30,574  
Commercial Operating [Member] | Watch [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 180 184  
Commercial Operating [Member] | Special Mention [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 0 0  
Commercial Operating [Member] | Substandard [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 165 513  
Commercial Operating [Member] | Doubtful [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 340 0  
Agricultural Operating [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 33,617 37,083 40,412
Agricultural Operating [Member] | Pass [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 17,815 19,669  
Agricultural Operating [Member] | Watch [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 1,999 4,625  
Agricultural Operating [Member] | Special Mention [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 3,286 5,407  
Agricultural Operating [Member] | Substandard [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 10,517 7,382  
Agricultural Operating [Member] | Doubtful [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 0 0  
Premium Finance [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 179,508 171,604 $ 110,640
Premium Finance [Member] | Pass [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 179,508 171,604  
Premium Finance [Member] | Watch [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 0 0  
Premium Finance [Member] | Special Mention [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 0 0  
Premium Finance [Member] | Substandard [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable 0 0  
Premium Finance [Member] | Doubtful [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Total Loans Receivable $ 0 $ 0  
v3.6.0.2
CREDIT DISCLSOURES - Past Due Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Sep. 30, 2016
Dec. 31, 2015
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due $ 8,937 $ 3,226  
Current 1,104,962 922,585  
Non-accrual loans 617 83  
Total Loans Receivable 1,114,516 925,894 $ 744,581
30-59 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 5,673 1,549  
60-89 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 1,646 659  
Greater Than 90 Days [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 1,618 1,018  
1-4 Family Real Estate [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 480 30  
Current 172,285 162,185  
Non-accrual loans 112 83  
Total Loans Receivable 172,877 162,298 134,850
1-4 Family Real Estate [Member] | 30-59 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 98 0  
1-4 Family Real Estate [Member] | 60-89 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 0 30  
1-4 Family Real Estate [Member] | Greater Than 90 Days [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 382 0  
Commercial and Multi-Family Real Estate [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 3,195 0  
Current 437,317 422,932  
Non-accrual loans 0 0  
Total Loans Receivable 440,512 422,932 322,125
Commercial and Multi-Family Real Estate [Member] | 30-59 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 3,040 0  
Commercial and Multi-Family Real Estate [Member] | 60-89 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 155 0  
Commercial and Multi-Family Real Estate [Member] | Greater Than 90 Days [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 0 0  
Agricultural Real Estate [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 2,206 0  
Current 61,808 63,612  
Non-accrual loans 0 0  
Total Loans Receivable 64,014 63,612 64,181
Agricultural Real Estate [Member] | 30-59 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 1,146 0  
Agricultural Real Estate [Member] | 60-89 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 1,060 0  
Agricultural Real Estate [Member] | Greater Than 90 Days [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 0 0  
Consumer [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 338 53  
Current 172,826 37,041  
Non-accrual loans 0 0  
Total Loans Receivable 173,164 37,094 34,868
Consumer [Member] | 30-59 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 309 0  
Consumer [Member] | 60-89 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 0 0  
Consumer [Member] | Greater Than 90 Days [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 29 53  
Commercial Operating [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 0 505  
Current 50,319 30,766  
Non-accrual loans 505 0  
Total Loans Receivable 50,824 31,271 37,505
Commercial Operating [Member] | 30-59 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 0 151  
Commercial Operating [Member] | 60-89 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 0 354  
Commercial Operating [Member] | Greater Than 90 Days [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 0 0  
Agricultural Operating [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 0 0  
Current 33,617 37,083  
Non-accrual loans 0 0  
Total Loans Receivable 33,617 37,083 40,412
Agricultural Operating [Member] | 30-59 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 0 0  
Agricultural Operating [Member] | 60-89 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 0 0  
Agricultural Operating [Member] | Greater Than 90 Days [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 0 0  
Premium Finance [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 2,718 2,638  
Current 176,790 168,966  
Non-accrual loans 0 0  
Total Loans Receivable 179,508 171,604 $ 110,640
Premium Finance [Member] | 30-59 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 1,080 1,398  
Premium Finance [Member] | 60-89 Days Past Due [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due 431 275  
Premium Finance [Member] | Greater Than 90 Days [Member]      
Financing Receivable, Recorded Investment, Past Due [Line Items]      
Total past due $ 1,207 $ 965  
v3.6.0.2
CREDIT DISCLSOURES - Impaired Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Sep. 30, 2016
Loans without a specific valuation allowance      
Recorded Balance $ 541   $ 517
Unpaid Principal Balance 541   517
Loans with a specific valuation allowance      
Recorded Balance 583   78
Unpaid Principal Balance 583   78
Specific Allowance 350   10
Average Recorded Investment 772 $ 6,508  
1-4 Family Real Estate [Member]      
Loans without a specific valuation allowance      
Recorded Balance 112   84
Unpaid Principal Balance 112   84
Loans with a specific valuation allowance      
Recorded Balance 78   78
Unpaid Principal Balance 78   78
Specific Allowance 11   10
Average Recorded Investment 172 119  
Commercial and Multi-Family Real Estate [Member]      
Loans without a specific valuation allowance      
Recorded Balance 429   433
Unpaid Principal Balance 429   $ 433
Loans with a specific valuation allowance      
Recorded Balance 505    
Unpaid Principal Balance 505    
Specific Allowance 339    
Average Recorded Investment 432 1,347  
Commercial Operating [Member]      
Loans with a specific valuation allowance      
Average Recorded Investment 168 10  
Agricultural Operating [Member]      
Loans with a specific valuation allowance      
Average Recorded Investment $ 0 $ 5,032  
v3.6.0.2
CREDIT DISCLSOURES - Narrative and Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage of specific allowance for losses 100.00%  
Maturity period of fixed rate loans 30 years  
Annual cap of ARM loans 2.00%  
Lifetime cap of ARM loans 6.00%  
Total past due $ 8,937 $ 3,226
1-4 Family Real Estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Maturity period of loans receivable 30 years  
Total past due $ 480 30
Commercial and Multi-Family Real Estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loan to value ratio 80.00%  
Maturity period of fixed rate loans 20 years  
Total past due $ 3,195 0
Commercial Operating [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total past due $ 0 505
Agricultural Operating [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Maturity period of loans receivable 1 year  
Maturity period of fixed rate loans 7 years  
Total past due $ 0 0
Agricultural Real Estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total past due $ 2,206 0
Consumer Loans [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Maturity period of fixed rate loans 5 years  
Total past due $ 338 53
Premium Finance [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Period of delay or shortfall in payments after which a loan is evaluated for impairment 210 days  
Typical period of delinquency 210 days  
Total past due $ 2,718 $ 2,638
Non-Premium Finance Loans [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Period of delay or shortfall in payments after which a loan is evaluated for impairment 90 days  
Typical period of delinquency 90 days  
Maximum [Member] | 1-4 Family Real Estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loan to value ratio 100.00%  
Exposure of the entity expressed in loan to value ratio 80.00%  
Maximum [Member] | Commercial and Multi-Family Real Estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Maturity period of loans receivable 1 year  
Percentage value for securing the loan 80.00%  
Maximum [Member] | Commercial Operating [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Maturity period of loans receivable 1 year  
Maximum [Member] | Agricultural Real Estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Maturity period of fixed rate loans 10 years  
Period of amortization, loans 25 years  
Percentage value for securing the loan 75.00%  
Maximum [Member] | Consumer Loans [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage value for securing the loan 90.00%  
Maximum [Member] | Automobile Loan [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Maturity period of loans receivable 60 months  
Percentage value for securing the loan 80.00%  
Maximum [Member] | Premium Finance [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage of down payment 25.00%  
Period of finance 10 months  
Period of conversion of collateral into cash 210 days  
Minimum [Member] | Agricultural Real Estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Maturity period of fixed rate loans 5 years  
Period of amortization, loans 20 years  
Minimum [Member] | Premium Finance [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage of down payment 20.00%  
Period of finance 9 months  
Period of conversion of collateral into cash 60 days  
Typical period of delinquency 90 days  
Financing Receivables, Equal to Greater than 210 Days Past Due [Member] | Premium Finance [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total past due $ 0  
v3.6.0.2
CREDIT DISCLSOURES - Troubled Debt Restructured Loans (Details) - loan
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Loans and Leases Receivable Disclosure [Abstract]    
Loans modified in TDR 0 0
Loans modified in TDR, subsequent default 0 0
v3.6.0.2
ALLOWANCE FOR LOAN LOSSES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Sep. 30, 2016
Receivables [Abstract]      
Allowance for loan losses $ (6,415)   $ (5,635)
Provision for loan losses 843 $ 786  
Net charge offs (recoveries) $ 100 $ 400  
v3.6.0.2
EARNINGS PER COMMON SHARE ("EPS") (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Earnings    
Net Income $ 1,244 $ 4,058
Basic EPS    
Weighted average common shares outstanding (in shares) 8,938,339 8,245,368
LESS: weighted average nonvested shares (in shares) 151,312 27,311
Weighted average common shares outstanding (in shares) 8,787,027 8,218,057
Earnings Per Common Share    
Basic (in dollars per share) $ 0.14 $ 0.49
Diluted EPS    
Weighted average common shares outstanding for basic earnings per common share (in shares) 8,787,027 8,218,057
Dilutive effect of assumed exercises of stock options, net of tax benefits (in shares) 82,050 66,198
Weighted average common and dilutive potential common shares outstanding (in shares) 8,869,077 8,284,255
Earnings Per Common Share    
Diluted (in dollars per share) $ 0.14 $ 0.49
v3.6.0.2
SECURITIES - Available for Sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Sep. 30, 2016
Available-for-sale debt securities [Abstract]    
Fair value $ 534,939 $ 558,940
Available-for-sale equity securities [Abstract]    
Fair value 936,832 910,309
Available-for-sale securities [Abstract]    
Amortized cost 1,481,758 1,435,272
Gross unrealized gains 6,230 37,257
Gross unrealized (losses) (16,217) (3,280)
Total available for sale securities 1,471,771 1,469,249
Available-for-sale securities in a continuous unrealized loss position [Abstract]    
LESS THAN 12 MONTHS, Fair Value 948,699 151,949
LESS THAN 12 MONTHS, Unrealized (Losses) (15,116) (1,033)
OVER 12 MONTHS, Fair Value 37,475 52,770
OVER 12 MONTHS, Unrealized (Losses) (1,101) (2,247)
TOTAL, Fair Value 986,174 204,719
TOTAL, Unrealized (Losses) (16,217) (3,280)
AMORTIZED COST    
Due in one year or less 0 0
Due after one year through five years 13,248 17,370
Due after five years through ten years 408,123 426,034
Due after ten years 515,833 436,077
Total 937,204 879,481
Mortgage-backed securities 543,698 555,036
Common equities and mutual funds 856 755
Amortized cost 1,481,758 1,435,272
FAIR VALUE    
Due in one year or less 0 0
Due after one year through five years 13,386 17,897
Due after five years through ten years 410,652 446,771
Due after ten years 511,540 444,516
Total 935,578 909,184
Mortgage-backed securities 534,939 558,940
Common equities and mutual funds 1,254 1,125
Total available for sale securities 1,471,771 1,469,249
Trust Preferred Securities Subject to Mandatory Redemption [Member]    
Available-for-sale securities [Abstract]    
Amortized cost   14,936
Unrealized gain (loss)   (1,958)
Total available for sale securities   12,978
AMORTIZED COST    
Amortized cost   14,936
FAIR VALUE    
Total available for sale securities   12,978
Trust Preferred Securities Subject to Mandatory Redemption [Member] | Standard & Poor's, BB+ Rating [Member] | Moody Credit Rating, Baa2 [Member] | Key Corp Capital I [Member]    
Available-for-sale securities [Abstract]    
Amortized cost   4,987
Unrealized gain (loss)   (798)
Total available for sale securities   4,189
AMORTIZED COST    
Amortized cost   4,987
FAIR VALUE    
Total available for sale securities   4,189
Trust Preferred Securities Subject to Mandatory Redemption [Member] | Standard & Poor's, BB Rating [Member] | Moody Credit Rating, Baa2 [Member] | Huntington Capital Trust II SE [Member]    
Available-for-sale securities [Abstract]    
Amortized cost   4,981
Unrealized gain (loss)   (904)
Total available for sale securities   4,077
AMORTIZED COST    
Amortized cost   4,981
FAIR VALUE    
Total available for sale securities   4,077
Trust Preferred Securities Subject to Mandatory Redemption [Member] | Standard & Poor's, BBB- Rating [Member] | Moody Credit Rating, Baa1 [Member] | PNC Capital Trust [Member]    
Available-for-sale securities [Abstract]    
Amortized cost   4,968
Unrealized gain (loss)   (256)
Total available for sale securities   4,712
AMORTIZED COST    
Amortized cost   4,968
FAIR VALUE    
Total available for sale securities   4,712
Trust Preferred Securities [Member]    
Available-for-sale debt securities [Abstract]    
Amortized cost   14,935
Gross unrealized gains   0
Gross unrealized (losses)   (1,957)
Fair value   12,978
Available-for-sale securities in a continuous unrealized loss position [Abstract]    
LESS THAN 12 MONTHS, Fair Value   0
LESS THAN 12 MONTHS, Unrealized (Losses)   0
OVER 12 MONTHS, Fair Value   12,978
OVER 12 MONTHS, Unrealized (Losses)   (1,957)
TOTAL, Fair Value   12,978
TOTAL, Unrealized (Losses)   (1,957)
Small Business Administration Securities [Member]    
Available-for-sale debt securities [Abstract]    
Amortized cost 78,396 78,431
Gross unrealized gains 1,104 2,288
Gross unrealized (losses) (52) 0
Fair value 79,448 80,719
Available-for-sale securities in a continuous unrealized loss position [Abstract]    
LESS THAN 12 MONTHS, Fair Value 28,331  
LESS THAN 12 MONTHS, Unrealized (Losses) (52)  
OVER 12 MONTHS, Fair Value 0  
OVER 12 MONTHS, Unrealized (Losses) 0  
TOTAL, Fair Value 28,331  
TOTAL, Unrealized (Losses) (52)  
Non-bank Qualified Obligations of States and Political Subdivisions [Member]    
Available-for-sale debt securities [Abstract]    
Amortized cost 740,723 668,628
Gross unrealized gains 3,432 30,141
Gross unrealized (losses) (6,172) (97)
Fair value 737,983 698,672
Available-for-sale securities in a continuous unrealized loss position [Abstract]    
LESS THAN 12 MONTHS, Fair Value 396,493 8,481
LESS THAN 12 MONTHS, Unrealized (Losses) (6,002) (58)
OVER 12 MONTHS, Fair Value 2,561 2,688
OVER 12 MONTHS, Unrealized (Losses) (170) (39)
TOTAL, Fair Value 399,054 11,169
TOTAL, Unrealized (Losses) (6,172) (97)
Asset-backed Securities [Member]    
Available-for-sale debt securities [Abstract]    
Amortized cost 118,085 117,487
Gross unrealized gains 791 73
Gross unrealized (losses) (729) (745)
Fair value 118,147 116,815
Available-for-sale securities in a continuous unrealized loss position [Abstract]    
LESS THAN 12 MONTHS, Fair Value 50,481 89,403
LESS THAN 12 MONTHS, Unrealized (Losses) (729) (745)
OVER 12 MONTHS, Fair Value 0 0
OVER 12 MONTHS, Unrealized (Losses) 0 0
TOTAL, Fair Value 50,481 89,403
TOTAL, Unrealized (Losses) (729) (745)
Mortgage-backed Securities [Member]    
Available-for-sale debt securities [Abstract]    
Amortized cost 543,698 555,036
Gross unrealized gains 497 4,382
Gross unrealized (losses) (9,256) (478)
Fair value 534,939 558,940
Available-for-sale securities in a continuous unrealized loss position [Abstract]    
LESS THAN 12 MONTHS, Fair Value 473,394 54,065
LESS THAN 12 MONTHS, Unrealized (Losses) (8,333) (230)
OVER 12 MONTHS, Fair Value 34,794 36,979
OVER 12 MONTHS, Unrealized (Losses) (923) (248)
TOTAL, Fair Value 508,188 91,044
TOTAL, Unrealized (Losses) (9,256) (478)
Debt Securities [Member]    
Available-for-sale debt securities [Abstract]    
Amortized cost 1,480,902 1,434,517
Gross unrealized gains 5,824 36,884
Gross unrealized (losses) (16,209) (3,277)
Fair value 1,470,517 1,468,124
Available-for-sale securities in a continuous unrealized loss position [Abstract]    
LESS THAN 12 MONTHS, Fair Value 948,699 151,949
LESS THAN 12 MONTHS, Unrealized (Losses) (15,116) (1,033)
OVER 12 MONTHS, Fair Value 37,355 52,645
OVER 12 MONTHS, Unrealized (Losses) (1,093) (2,244)
TOTAL, Fair Value 986,054 204,594
TOTAL, Unrealized (Losses) (16,209) (3,277)
Common Equities and Mutual Funds [Member]    
Available-for-sale equity securities [Abstract]    
Amortized cost 856 755
Gross unrealized gains 406 373
Gross unrealized (losses) (8) (3)
Fair value 1,254 1,125
Available-for-sale securities in a continuous unrealized loss position [Abstract]    
LESS THAN 12 MONTHS, Fair Value 0 0
LESS THAN 12 MONTHS, Unrealized (Losses) 0 0
OVER 12 MONTHS, Fair Value 120 125
OVER 12 MONTHS, Unrealized (Losses) (8) (3)
TOTAL, Fair Value 120 125
TOTAL, Unrealized (Losses) $ (8) $ (3)
v3.6.0.2
SECURITIES - Held to Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Sep. 30, 2016
Held-to-maturity Securities [Abstract]    
Amortized cost $ 604,976 $ 619,853
Gross unrealized gains 1,371 12,807
Gross unrealized (losses) (7,246) (86)
Securities held to maturity 599,101 632,574
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]    
LESS THAN 12 MONTHS, Fair Value 495,052 24,264
LESS THAN 12 MONTHS, Unrealized (Losses) (7,198) (55)
OVER 12 MONTHS, Fair Value 2,236 2,256
OVER 12 MONTHS, Unrealized (Losses) (48) (31)
TOTAL, Fair Value 497,288 26,520
TOTAL, Unrealized (Losses) (7,246) (86)
AMORTIZED COST    
Due in one year or less 341 472
Due after one year through five years 12,648 12,502
Due after five years through ten years 157,174 157,944
Due after ten years 308,448 315,177
Total 478,611 486,095
Mortgage-backed securities 126,365 133,758
Amortized cost 604,976 619,853
FAIR VALUE    
Due in one year or less 341 471
Due after one year through five years 12,618 12,696
Due after five years through ten years 156,228 163,806
Due after ten years 305,445 321,166
Total 474,632 498,139
Mortgage-backed securities 124,469 134,435
Securities held to maturity 599,101 632,574
Non-bank Qualified Obligations of States and Political Subdivisions [Member]    
Held-to-maturity Securities [Abstract]    
Amortized cost 458,259 465,469
Gross unrealized gains 1,326 11,744
Gross unrealized (losses) (5,072) (11)
Securities held to maturity 454,513 477,202
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]    
LESS THAN 12 MONTHS, Fair Value 356,031 1,294
LESS THAN 12 MONTHS, Unrealized (Losses) (5,072) (11)
OVER 12 MONTHS, Fair Value 0 0
OVER 12 MONTHS, Unrealized (Losses) 0 0
TOTAL, Fair Value 356,031 1,294
TOTAL, Unrealized (Losses) (5,072) (11)
AMORTIZED COST    
Amortized cost 458,259 465,469
FAIR VALUE    
Securities held to maturity 454,513 477,202
Mortgage-backed Securities [Member]    
Held-to-maturity Securities [Abstract]    
Amortized cost 126,365 133,758
Gross unrealized gains 0 708
Gross unrealized (losses) (1,896) (31)
Securities held to maturity 124,469 134,435
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]    
LESS THAN 12 MONTHS, Fair Value 124,469 20,061
LESS THAN 12 MONTHS, Unrealized (Losses) (1,896) (31)
OVER 12 MONTHS, Fair Value 0 0
OVER 12 MONTHS, Unrealized (Losses) 0 0
TOTAL, Fair Value 124,469 20,061
TOTAL, Unrealized (Losses) (1,896) (31)
AMORTIZED COST    
Amortized cost 126,365 133,758
FAIR VALUE    
Securities held to maturity 124,469 134,435
Obligations of States and Political Subdivisions [Member]    
Held-to-maturity Securities [Abstract]    
Amortized cost 20,352 20,626
Gross unrealized gains 45 355
Gross unrealized (losses) (278) (44)
Securities held to maturity 20,119 20,937
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]    
LESS THAN 12 MONTHS, Fair Value 14,552 2,909
LESS THAN 12 MONTHS, Unrealized (Losses) (230) (13)
OVER 12 MONTHS, Fair Value 2,236 2,256
OVER 12 MONTHS, Unrealized (Losses) (48) (31)
TOTAL, Fair Value 16,788 5,165
TOTAL, Unrealized (Losses) (278) (44)
AMORTIZED COST    
Amortized cost 20,352 20,626
FAIR VALUE    
Securities held to maturity $ 20,119 $ 20,937
v3.6.0.2
COMMITMENTS AND CONTINGENCIES (Details)
 3 Months Ended
Jan. 07, 2016
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2014
USD ($)
Oct. 14, 2016
USD ($)
Sep. 30, 2016
USD ($)
Sep. 30, 2015
company
Loss Contingencies [Line Items]            
Number of federal district courts | company           3
Number of identified limited liability companies | company           3
Damages awarded $ 6,100,000          
Unfunded loan commitments   $ 228,900,000     $ 182,900,000  
Inter National Bank [Member]            
Loss Contingencies [Line Items]            
Amount of shortfall in depository account     $ 10,500,000      
UniRush, LLC [Member]            
Loss Contingencies [Line Items]            
Period of inability of customers of prepaid card product to access product   14 days        
Card Limited, LLC v. MetaBank dba Meta Payment Systems [Member]            
Loss Contingencies [Line Items]            
Estimate of possible loss       $ 1,579,398    
v3.6.0.2
STOCK OPTION PLAN (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2016
USD ($)
Officers
$ / shares
shares
Sep. 30, 2015
Number of Shares    
Options outstanding, beginning of period (in shares) | shares 125,560  
Granted (in shares) | shares 0  
Exercised (in shares) | shares (4,023)  
Forfeited or expired (in shares) | shares (16,252)  
Options outstanding, end of period (in shares) | shares 105,285  
Options exercisable, end of period (in shares) | shares 105,285  
Weighted Average Exercise Price    
Options outstanding, beginning of period (in dollars per share) | $ / shares $ 25.73  
Granted (in dollars per share) | $ / shares 0.00  
Exercised (in dollars per share) | $ / shares 35.69  
Forfeited or expired (in dollars per share) | $ / shares 25.00  
Options outstanding, end of period (in dollars per share) | $ / shares 25.52  
Options exercisable, end of period (in dollars per share) | $ / shares $ 25.79  
Weighted Average Remaining Contractual Term    
Options outstanding 2 years 5 months 19 days 2 years 8 months 5 days
Options exercisable 2 years 5 months 9 days  
Aggregate Intrinsic Value    
Options outstanding, beginning of period | $ $ 4,379  
Granted | $ 0  
Exercised | $ 229  
Forfeited or expired | $ 1,272  
Options outstanding, end of period | $ 8,147  
Options exercisable, end of period | $ $ 8,147  
Number of Shares    
Nonvested shares outstanding, beginning of period (in shares) | shares 20,656  
Granted (in shares) | shares 279,065  
Vested (in shares) | shares (13,927)  
Forfeited or expired (in shares) | shares 0  
Nonvested shares outstanding, end of period (in shares) | shares 285,794  
Weighted Average Fair Value at Grant    
Nonvested shares outstanding, beginning of period (in dollars per share) | $ / shares $ 41.37  
Granted (in dollars per share) | $ / shares 86.47  
Vested (in dollars per share) | $ / shares 64.72  
Forfeited or expired (in dollars per share) | $ / shares 0.00  
Nonvested shares outstanding, end of period (in dollars per share) | $ / shares $ 84.27  
Number of Company's Named Executive Officers with stock awards | Officers 3  
Executive award vesting period 8 years  
Stock based compensation expense not yet recognized in income | $ $ 21,900  
Weighted average remaining period for unrecognized stock based compensation 4 years 1 month 21 days  
v3.6.0.2
SEGMENT INFORMATION (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Sep. 30, 2016
Segment data [Abstract]      
Total interest and dividend income $ 22,575 $ 18,275  
Interest expense 2,742 720  
Net interest income (expense) 19,833 17,555  
Provision (recovery) for loan losses 843 786  
Non-interest income 19,349 16,834  
Non-interest expense 36,753 30,008  
Income before income tax expense 1,586 3,595  
Total assets 4,213,329 2,960,234 $ 4,006,419
Total deposits 3,663,137 2,569,043 $ 2,430,082
Payments [Member]      
Segment data [Abstract]      
Total interest and dividend income 2,912 1,964  
Interest expense 0 40  
Net interest income (expense) 2,912 1,924  
Provision (recovery) for loan losses 331 80  
Non-interest income 19,024 15,352  
Non-interest expense 20,871 16,017  
Income before income tax expense 734 1,179  
Total assets 87,069 51,359  
Total deposits 2,435,530 2,341,783  
Banking [Member]      
Segment data [Abstract]      
Total interest and dividend income 10,754 8,851  
Interest expense 544 253  
Net interest income (expense) 10,210 8,598  
Provision (recovery) for loan losses 512 706  
Non-interest income 1,072 1,056  
Non-interest expense 5,555 5,428  
Income before income tax expense 5,215 3,520  
Total assets 1,101,542 735,222  
Total deposits 225,182 227,260  
Corporate Services/Other [Member]      
Segment data [Abstract]      
Total interest and dividend income 8,909 7,460  
Interest expense 2,198 427  
Net interest income (expense) 6,711 7,033  
Provision (recovery) for loan losses 0 0  
Non-interest income (747) 426  
Non-interest expense 10,327 8,563  
Income before income tax expense (4,363) (1,104)  
Total assets 3,024,718 2,173,653  
Total deposits $ 1,002,425 $ 0  
v3.6.0.2
FAIR VALUE MEASUREMENTS - Assets Measured at Fair Value on Recurring and Non-recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Sep. 30, 2016
Available-for-sale Securities [Abstract]    
Total debt securities $ 534,939 $ 558,940
Total available for sale securities 1,471,771 1,469,249
Held-to-maturity Securities [Abstract]    
Total held to maturity securities 599,101 632,574
Fair value of assets measured on non-recurring basis [Abstract]    
Foreclosed real estate and repossessed assets 76 76
Level 1 [Member]    
Available-for-sale Securities [Abstract]    
Total available for sale securities 1,254 1,125
Held-to-maturity Securities [Abstract]    
Total held to maturity securities 0 0
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 1 [Member] | 1-4 Family Real Estate [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 1 [Member] | Commercial and Multi-family Real Estate Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 1 [Member] | Agricultural Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 1 [Member] | Consumer Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 1 [Member] | Commercial Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 2 [Member]    
Available-for-sale Securities [Abstract]    
Total available for sale securities 1,470,517 1,468,124
Held-to-maturity Securities [Abstract]    
Total held to maturity securities 599,101 632,574
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 2 [Member] | 1-4 Family Real Estate [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 2 [Member] | Commercial and Multi-family Real Estate Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 2 [Member] | Agricultural Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 2 [Member] | Consumer Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 2 [Member] | Commercial Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 3 [Member]    
Available-for-sale Securities [Abstract]    
Total available for sale securities 0 0
Held-to-maturity Securities [Abstract]    
Total held to maturity securities 0 0
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 1,103,699 926,803
Level 3 [Member] | 1-4 Family Real Estate [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 170,283 163,886
Level 3 [Member] | Commercial and Multi-family Real Estate Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 432,143 422,307
Level 3 [Member] | Agricultural Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 33,481 36,897
Level 3 [Member] | Consumer Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 174,796 36,738
Level 3 [Member] | Commercial Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 50,149 31,108
Recurring [Member]    
Available-for-sale Securities [Abstract]    
Trust preferred securities   12,978
Small business administration securities 79,448 80,719
Obligations of states and political subdivisions 0 0
Non-bank qualified obligations of states and political subdivisions 737,983 698,672
Asset-baked securities 118,147 116,815
Mortgage-backed securities 534,939 558,940
Total debt securities 1,470,517 1,468,124
Common equities and mutual funds 1,254 1,125
Total available for sale securities 1,471,771 1,469,249
Held-to-maturity Securities [Abstract]    
Trust preferred securities   0
Small business administration securities 0 0
Obligations of states and political subdivisions 20,119 20,937
Non-bank qualified obligations of states and political subdivisions 454,513 477,202
Asset-backed securities 0 0
Mortgage-backed securities 124,469 134,435
Total debt securities 599,101 632,574
Common equities and mutual funds 0 0
Total held to maturity securities 599,101 632,574
Recurring [Member] | Level 1 [Member]    
Available-for-sale Securities [Abstract]    
Trust preferred securities   0
Small business administration securities 0 0
Obligations of states and political subdivisions 0 0
Non-bank qualified obligations of states and political subdivisions 0 0
Asset-baked securities 0 0
Mortgage-backed securities 0 0
Total debt securities 0 0
Common equities and mutual funds 1,254 1,125
Total available for sale securities 1,254 1,125
Held-to-maturity Securities [Abstract]    
Trust preferred securities   0
Small business administration securities 0 0
Obligations of states and political subdivisions 0 0
Non-bank qualified obligations of states and political subdivisions 0 0
Asset-backed securities 0 0
Mortgage-backed securities 0 0
Total debt securities 0 0
Common equities and mutual funds 0 0
Total held to maturity securities 0 0
Recurring [Member] | Level 2 [Member]    
Available-for-sale Securities [Abstract]    
Trust preferred securities   12,978
Small business administration securities 79,448 80,719
Obligations of states and political subdivisions 0 0
Non-bank qualified obligations of states and political subdivisions 737,983 698,672
Asset-baked securities 118,147 116,815
Mortgage-backed securities 534,939 558,940
Total debt securities 1,470,517 1,468,124
Common equities and mutual funds 0 0
Total available for sale securities 1,470,517 1,468,124
Held-to-maturity Securities [Abstract]    
Trust preferred securities   0
Small business administration securities 0 0
Obligations of states and political subdivisions 20,119 20,937
Non-bank qualified obligations of states and political subdivisions 454,513 477,202
Asset-backed securities 0 0
Mortgage-backed securities 124,469 134,435
Total debt securities 599,101 632,574
Common equities and mutual funds 0 0
Total held to maturity securities 599,101 632,574
Recurring [Member] | Level 3 [Member]    
Available-for-sale Securities [Abstract]    
Trust preferred securities   0
Small business administration securities 0 0
Obligations of states and political subdivisions 0 0
Non-bank qualified obligations of states and political subdivisions 0 0
Asset-baked securities 0 0
Mortgage-backed securities 0 0
Total debt securities 0 0
Common equities and mutual funds 0 0
Total available for sale securities 0 0
Held-to-maturity Securities [Abstract]    
Trust preferred securities   0
Small business administration securities 0 0
Obligations of states and political subdivisions 0 0
Non-bank qualified obligations of states and political subdivisions 0 0
Asset-backed securities 0 0
Mortgage-backed securities 0 0
Total debt securities 0 0
Common equities and mutual funds 0 0
Total held to maturity securities 0 0
Nonrecurring [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 308 144
Nonrecurring [Member] | Total Impaired Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 232  
Nonrecurring [Member] | 1-4 Family Real Estate [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 67  
Nonrecurring [Member] | Commercial and Multi-family Real Estate Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   68
Nonrecurring [Member] | Agricultural Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   68
Nonrecurring [Member] | Commercial Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 165  
Nonrecurring [Member] | Foreclosed Assets [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Foreclosed real estate and repossessed assets 76 76
Nonrecurring [Member] | Level 1 [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Nonrecurring [Member] | Level 1 [Member] | Total Impaired Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0  
Nonrecurring [Member] | Level 1 [Member] | 1-4 Family Real Estate [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0  
Nonrecurring [Member] | Level 1 [Member] | Commercial and Multi-family Real Estate Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   0
Nonrecurring [Member] | Level 1 [Member] | Agricultural Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   0
Nonrecurring [Member] | Level 1 [Member] | Commercial Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0  
Nonrecurring [Member] | Level 1 [Member] | Foreclosed Assets [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Foreclosed real estate and repossessed assets 0  
Nonrecurring [Member] | Level 2 [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Nonrecurring [Member] | Level 2 [Member] | Total Impaired Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0  
Nonrecurring [Member] | Level 2 [Member] | 1-4 Family Real Estate [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0  
Nonrecurring [Member] | Level 2 [Member] | Commercial and Multi-family Real Estate Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   0
Nonrecurring [Member] | Level 2 [Member] | Agricultural Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   0
Nonrecurring [Member] | Level 2 [Member] | Commercial Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0  
Nonrecurring [Member] | Level 2 [Member] | Foreclosed Assets [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Foreclosed real estate and repossessed assets 0  
Nonrecurring [Member] | Level 3 [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 308 144
Nonrecurring [Member] | Level 3 [Member] | Total Impaired Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 232  
Nonrecurring [Member] | Level 3 [Member] | 1-4 Family Real Estate [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 67  
Nonrecurring [Member] | Level 3 [Member] | Commercial and Multi-family Real Estate Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   68
Nonrecurring [Member] | Level 3 [Member] | Agricultural Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   68
Nonrecurring [Member] | Level 3 [Member] | Commercial Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 165  
Nonrecurring [Member] | Level 3 [Member] | Foreclosed Assets [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Foreclosed real estate and repossessed assets $ 76 $ 76
v3.6.0.2
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS - Contingent Consideration (Details) - Nonrecurring [Member] - USD ($)
$ in Thousands
Dec. 31, 2016
Sep. 30, 2016
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent Consideration $ 17,259 $ 0
Total liabilities 17,259 0
Level 1 [Member]    
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent Consideration 0 0
Total liabilities 0 0
Level 2 [Member]    
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent Consideration 0 0
Total liabilities 0 0
Level 3 [Member]    
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent Consideration 17,259 0
Total liabilities $ 17,259 $ 0
v3.6.0.2
FAIR VALUE MEASUREMENTS - Quantitative Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Minimum [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Range of estimated selling cost 4.00%  
Maximum [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Range of estimated selling cost 10.00%  
Level 3 [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Fair value $ 1,103,699 $ 926,803
Impaired Loans, Net [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Fair value 232 68
Foreclosed Assets [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Fair value 76 76
Contingent Consideration [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Fair value $ 17,259 $ 0
v3.6.0.2
FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Sep. 30, 2016
Financial assets [Abstract]    
Securities available for sale $ 1,471,771 $ 1,469,249
Securities held to maturity 599,101 632,574
Loans held for sale 1,223 0
Financial liabilities [Abstract]    
Long-term debt 92,479 92,460
Level 1 [Member]    
Financial assets [Abstract]    
Cash and cash equivalents 695,731 773,830
Securities available for sale 1,254 1,125
Securities held to maturity 0 0
Total securities 1,254 1,125
Loans receivable [Abstract]    
Total loans receivable 0 0
Federal Home Loan Bank stock 0 0
Accrued interest receivable 21,375 17,199
Financial liabilities [Abstract]    
Noninterest bearing demand deposits 2,473,275 2,167,522
Interest bearing demand deposits, savings, and money markets 140,541 136,568
Certificates of deposit 0 0
Deposits, Wholesale, Non-Maturing 499,608  
Deposits, Wholesale, Certificates of Deposit 0  
Total deposits 3,113,424 2,304,090
Advances from Federal Home Loan Bank 0 0
Federal fund purchased   992,000
Securities sold under agreements to repurchase 0 0
Long-term debt 0 0
Trust Preferred Securities 0 0
Subordinated debentures 0 0
Accrued interest payable 2,255 875
Level 2 [Member]    
Financial assets [Abstract]    
Cash and cash equivalents 0 0
Securities available for sale 1,470,517 1,468,124
Securities held to maturity 599,101 632,574
Total securities 2,069,618 2,100,698
Loans receivable [Abstract]    
Total loans receivable 0 0
Federal Home Loan Bank stock 3,832 47,512
Accrued interest receivable 0 0
Financial liabilities [Abstract]    
Noninterest bearing demand deposits 0 0
Interest bearing demand deposits, savings, and money markets 0 0
Certificates of deposit 121,830 125,772
Deposits, Wholesale, Non-Maturing 0  
Deposits, Wholesale, Certificates of Deposit 426,960  
Total deposits 548,790 125,772
Advances from Federal Home Loan Bank 7,940 108,168
Federal fund purchased   0
Securities sold under agreements to repurchase 3,782 3,039
Long-term debt 2,000 2,018
Trust Preferred Securities 10,436 10,437
Subordinated debentures 76,843 77,250
Accrued interest payable 0 0
Level 3 [Member]    
Financial assets [Abstract]    
Cash and cash equivalents 0 0
Securities available for sale 0 0
Securities held to maturity 0 0
Total securities 0 0
Loans receivable [Abstract]    
Total loans receivable 1,103,699 926,803
Federal Home Loan Bank stock 0 0
Accrued interest receivable 0 0
Financial liabilities [Abstract]    
Noninterest bearing demand deposits 0 0
Interest bearing demand deposits, savings, and money markets 0 0
Certificates of deposit 0 0
Deposits, Wholesale, Non-Maturing 0  
Deposits, Wholesale, Certificates of Deposit 0  
Total deposits 0 0
Advances from Federal Home Loan Bank 0 0
Federal fund purchased   0
Securities sold under agreements to repurchase 0 0
Long-term debt 0 0
Trust Preferred Securities 0 0
Subordinated debentures 0 0
Accrued interest payable 0 0
Carrying Amount [Member]    
Financial assets [Abstract]    
Cash and cash equivalents 695,731 773,830
Securities available for sale 1,471,771 1,469,249
Securities held to maturity 604,976 619,853
Total securities 2,076,747 2,089,102
Loans receivable [Abstract]    
Total loans receivable 1,114,516 925,894
Federal Home Loan Bank stock 3,832 47,512
Accrued interest receivable 21,375 17,199
Financial liabilities [Abstract]    
Noninterest bearing demand deposits 2,473,275 2,167,522
Interest bearing demand deposits, savings, and money markets 140,541 136,568
Certificates of deposit 122,334 125,992
Deposits, Wholesale, Non-Maturing 499,608  
Deposits, Wholesale, Certificates of Deposit 427,379  
Total deposits 3,663,137 2,430,082
Advances from Federal Home Loan Bank 7,000 107,000
Federal fund purchased   992,000
Securities sold under agreements to repurchase 3,782 3,039
Long-term debt 2,000 2,018
Trust Preferred Securities 10,310 10,310
Subordinated debentures 73,244 73,211
Accrued interest payable 2,255 875
Estimated Fair Value [Member]    
Financial assets [Abstract]    
Cash and cash equivalents 695,731 773,830
Securities available for sale 1,471,771 1,469,249
Securities held to maturity 599,101 632,574
Total securities 2,070,872 2,101,823
Loans receivable [Abstract]    
Total loans receivable 1,103,699 926,803
Federal Home Loan Bank stock 3,832 47,512
Accrued interest receivable 21,375 17,199
Financial liabilities [Abstract]    
Noninterest bearing demand deposits 2,473,275 2,167,522
Interest bearing demand deposits, savings, and money markets 140,541 136,568
Certificates of deposit 121,830 125,772
Deposits, Wholesale, Non-Maturing 499,608  
Deposits, Wholesale, Certificates of Deposit 426,960  
Total deposits 3,662,214 2,429,862
Advances from Federal Home Loan Bank 7,940 108,168
Federal fund purchased   992,000
Securities sold under agreements to repurchase 3,782 3,039
Long-term debt 2,000 2,018
Trust Preferred Securities 10,436 10,437
Subordinated debentures 76,843 77,250
Accrued interest payable 2,255 875
1-4 Family Real Estate [Member] | Level 1 [Member]    
Financial assets [Abstract]    
Loans held for sale 0  
Loans receivable [Abstract]    
Total loans receivable 0 0
1-4 Family Real Estate [Member] | Level 2 [Member]    
Financial assets [Abstract]    
Loans held for sale 1,223  
Loans receivable [Abstract]    
Total loans receivable 0 0
1-4 Family Real Estate [Member] | Level 3 [Member]    
Financial assets [Abstract]    
Loans held for sale 0  
Loans receivable [Abstract]    
Total loans receivable 170,283 163,886
1-4 Family Real Estate [Member] | Carrying Amount [Member]    
Financial assets [Abstract]    
Loans held for sale 1,223  
Loans receivable [Abstract]    
Total loans receivable 172,877 162,298
1-4 Family Real Estate [Member] | Estimated Fair Value [Member]    
Financial assets [Abstract]    
Loans held for sale 1,223  
Loans receivable [Abstract]    
Total loans receivable 170,283 163,886
Commercial and Multi-family Real Estate Loans [Member] | Level 1 [Member]    
Loans receivable [Abstract]    
Total loans receivable 0 0
Commercial and Multi-family Real Estate Loans [Member] | Level 2 [Member]    
Loans receivable [Abstract]    
Total loans receivable 0 0
Commercial and Multi-family Real Estate Loans [Member] | Level 3 [Member]    
Loans receivable [Abstract]    
Total loans receivable 432,143 422,307
Commercial and Multi-family Real Estate Loans [Member] | Carrying Amount [Member]    
Loans receivable [Abstract]    
Total loans receivable 440,512 422,932
Commercial and Multi-family Real Estate Loans [Member] | Estimated Fair Value [Member]    
Loans receivable [Abstract]    
Total loans receivable 432,143 422,307
Agricultural Real Estate [Member] | Level 1 [Member]    
Loans receivable [Abstract]    
Total loans receivable 0 0
Agricultural Real Estate [Member] | Level 2 [Member]    
Loans receivable [Abstract]    
Total loans receivable 0 0
Agricultural Real Estate [Member] | Level 3 [Member]    
Loans receivable [Abstract]    
Total loans receivable 62,973 63,868
Agricultural Real Estate [Member] | Carrying Amount [Member]    
Loans receivable [Abstract]    
Total loans receivable 64,014 63,612
Agricultural Real Estate [Member] | Estimated Fair Value [Member]    
Loans receivable [Abstract]    
Total loans receivable 62,973 63,868
Consumer Loans [Member] | Level 1 [Member]    
Loans receivable [Abstract]    
Total loans receivable 0 0
Consumer Loans [Member] | Level 2 [Member]    
Loans receivable [Abstract]    
Total loans receivable 0 0
Consumer Loans [Member] | Level 3 [Member]    
Loans receivable [Abstract]    
Total loans receivable 174,796 36,738
Consumer Loans [Member] | Carrying Amount [Member]    
Loans receivable [Abstract]    
Total loans receivable 173,164 37,094
Consumer Loans [Member] | Estimated Fair Value [Member]    
Loans receivable [Abstract]    
Total loans receivable 174,796 36,738
Commercial Operating Loans [Member] | Level 1 [Member]    
Loans receivable [Abstract]    
Total loans receivable 0 0
Commercial Operating Loans [Member] | Level 2 [Member]    
Loans receivable [Abstract]    
Total loans receivable 0 0
Commercial Operating Loans [Member] | Level 3 [Member]    
Loans receivable [Abstract]    
Total loans receivable 50,149 31,108
Commercial Operating Loans [Member] | Carrying Amount [Member]    
Loans receivable [Abstract]    
Total loans receivable 50,824 31,271
Commercial Operating Loans [Member] | Estimated Fair Value [Member]    
Loans receivable [Abstract]    
Total loans receivable 50,149 31,108
Agricultural Operating Loans [Member] | Level 1 [Member]    
Loans receivable [Abstract]    
Total loans receivable 0 0
Agricultural Operating Loans [Member] | Level 2 [Member]    
Loans receivable [Abstract]    
Total loans receivable 0 0
Agricultural Operating Loans [Member] | Level 3 [Member]    
Loans receivable [Abstract]    
Total loans receivable 33,481 36,897
Agricultural Operating Loans [Member] | Carrying Amount [Member]    
Loans receivable [Abstract]    
Total loans receivable 33,617 37,083
Agricultural Operating Loans [Member] | Estimated Fair Value [Member]    
Loans receivable [Abstract]    
Total loans receivable 33,481 36,897
Premium Finance Loans [Member] | Level 1 [Member]    
Loans receivable [Abstract]    
Total loans receivable 0 0
Premium Finance Loans [Member] | Level 2 [Member]    
Loans receivable [Abstract]    
Total loans receivable 0 0
Premium Finance Loans [Member] | Level 3 [Member]    
Loans receivable [Abstract]    
Total loans receivable 179,874 172,000
Premium Finance Loans [Member] | Carrying Amount [Member]    
Loans receivable [Abstract]    
Total loans receivable 179,508 171,604
Premium Finance Loans [Member] | Estimated Fair Value [Member]    
Loans receivable [Abstract]    
Total loans receivable $ 179,874 $ 172,000
v3.6.0.2
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 14, 2016
Nov. 01, 2016
Sep. 08, 2015
Dec. 02, 2014
Sep. 30, 2014
Finite-Lived Intangible Assets [Line Items]                
Goodwill $ 36,928 $ 36,928 $ 98,898         $ 36,928
Amortizable intangible assets [Abstract]                
Net amount 28,921 33,577 73,472          
Goodwill [Roll Forward]                
Balance, beginning of period 36,928              
Acquisitions during the period 61,970 0            
Write-offs during the period 0 0            
Balance, end of period 98,898 36,928            
Intangible Assets [Roll Forward]                
Balance, beginning of period 28,921 33,577            
Acquisitions during the period 46,076 54            
Amortization of Intangible Assets 1,525 1,213            
Write-offs during the period 0 0            
Balance, end of period 73,472 32,418            
Impairment of intangible assets 0 0            
AFS/IBEX Financial Services Inc [Member]                
Finite-Lived Intangible Assets [Line Items]                
Goodwill             $ 11,600  
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     8,213          
Amortization during the period     (2,904)          
Net amount 5,309   5,309          
Intangible Assets [Roll Forward]                
Balance, end of period 5,309              
Refund Advantage Financial Services Inc [Member]                
Finite-Lived Intangible Assets [Line Items]                
Goodwill       $ 31,600 $ 30,400 $ 25,400    
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     24,119          
Amortization during the period     (4,240)          
Net amount 19,879   19,879          
Intangible Assets [Roll Forward]                
Balance, end of period 19,879              
EPS [Member]                
Finite-Lived Intangible Assets [Line Items]                
Goodwill         $ 30,375      
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     17,930          
Amortization during the period     (460)          
Net amount 17,470   17,470          
Intangible Assets [Roll Forward]                
Balance, end of period 17,470              
SCS [Member]                
Finite-Lived Intangible Assets [Line Items]                
Goodwill       $ 31,595        
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     28,090          
Amortization during the period     (24)          
Net amount 28,066   28,066          
Intangible Assets [Roll Forward]                
Balance, end of period 28,066              
Other [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     3,110          
Amortization during the period     (362)          
Net amount 2,748   2,748          
Intangible Assets [Roll Forward]                
Balance, end of period 2,748              
Trademark [Member]                
Amortizable intangible assets [Abstract]                
Net amount 5,149 5,439 10,509          
Intangible Assets [Roll Forward]                
Balance, beginning of period 5,149 5,439            
Acquisitions during the period 5,480 0            
Amortization of Intangible Assets 120 72            
Write-offs during the period 0 0            
Balance, end of period 10,509 5,367            
Trademark [Member] | AFS/IBEX Financial Services Inc [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     540          
Amortization during the period     (75)          
Net amount $ 465   465          
Book Amortization Period 15 years              
Method Straight Line              
Intangible Assets [Roll Forward]                
Balance, end of period $ 465              
Trademark [Member] | Refund Advantage Financial Services Inc [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     4,950          
Amortization during the period     (343)          
Net amount $ 4,607   4,607          
Book Amortization Period 15 years              
Method Accelerated              
Intangible Assets [Roll Forward]                
Balance, end of period $ 4,607              
Trademark [Member] | EPS [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     5,190          
Amortization during the period     (39)          
Net amount $ 5,151   5,151          
Book Amortization Period 15 years              
Method Accelerated              
Intangible Assets [Roll Forward]                
Balance, end of period $ 5,151              
Trademark [Member] | SCS [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     290          
Amortization during the period     (4)          
Net amount $ 286   286          
Book Amortization Period 5 years              
Method Accelerated              
Intangible Assets [Roll Forward]                
Balance, end of period $ 286              
Non-Compete [Member]                
Amortizable intangible assets [Abstract]                
Net amount 127 227 2,251          
Intangible Assets [Roll Forward]                
Balance, beginning of period 127 227            
Acquisitions during the period 2,210 0            
Amortization of Intangible Assets 86 25            
Write-offs during the period 0 0            
Balance, end of period 2,251 202            
Non-Compete [Member] | AFS/IBEX Financial Services Inc [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     260          
Amortization during the period     (181)          
Net amount $ 79   79          
Book Amortization Period 3 years              
Method Straight Line              
Intangible Assets [Roll Forward]                
Balance, end of period $ 79              
Non-Compete [Member] | Refund Advantage Financial Services Inc [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     40          
Amortization during the period     (18)          
Net amount $ 22   22          
Book Amortization Period 3 years              
Method Straight Line              
Intangible Assets [Roll Forward]                
Balance, end of period $ 22              
Non-Compete [Member] | EPS [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     1,630          
Amortization during the period     (55)          
Net amount $ 1,575   1,575          
Method Straight Line              
Intangible Assets [Roll Forward]                
Balance, end of period $ 1,575              
Non-Compete [Member] | SCS [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     580          
Amortization during the period     (6)          
Net amount $ 574   574          
Method Straight Line              
Intangible Assets [Roll Forward]                
Balance, end of period $ 574              
Customer Relationships [Member]                
Amortizable intangible assets [Abstract]                
Net amount 20,590 24,811 51,627          
Intangible Assets [Roll Forward]                
Balance, beginning of period 20,590 24,811            
Acquisitions during the period 32,230 0            
Amortization of Intangible Assets 1,193 1,064            
Write-offs during the period 0 0            
Balance, end of period 51,627 23,747            
Customer Relationships [Member] | AFS/IBEX Financial Services Inc [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     7,240          
Amortization during the period     (2,543)          
Net amount $ 4,697   4,697          
Book Amortization Period 30 years              
Method Accelerated              
Intangible Assets [Roll Forward]                
Balance, end of period $ 4,697              
Customer Relationships [Member] | Refund Advantage Financial Services Inc [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     18,800          
Amortization during the period     (3,789)          
Net amount $ 15,011   15,011          
Method Accelerated              
Intangible Assets [Roll Forward]                
Balance, end of period $ 15,011              
Customer Relationships [Member] | Refund Advantage Financial Services Inc [Member] | Minimum [Member]                
Amortizable intangible assets [Abstract]                
Book Amortization Period 12 years              
Customer Relationships [Member] | Refund Advantage Financial Services Inc [Member] | Maximum [Member]                
Amortizable intangible assets [Abstract]                
Book Amortization Period 20 years              
Customer Relationships [Member] | EPS [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     10,110          
Amortization during the period     (311)          
Net amount $ 9,799   9,799          
Book Amortization Period 20 years              
Method Accelerated              
Intangible Assets [Roll Forward]                
Balance, end of period $ 9,799              
Customer Relationships [Member] | SCS [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     22,120          
Amortization during the period     0          
Net amount $ 22,120   22,120          
Method Accelerated              
Intangible Assets [Roll Forward]                
Balance, end of period $ 22,120              
Other [Member]                
Amortizable intangible assets [Abstract]                
Net amount 3,055 3,100 9,085          
Intangible Assets [Roll Forward]                
Balance, beginning of period 3,055 3,100            
Acquisitions during the period 6,156 54            
Amortization of Intangible Assets 126 52            
Write-offs during the period 0 0            
Balance, end of period 9,085 $ 3,102            
Other [Member] | AFS/IBEX Financial Services Inc [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     173          
Amortization during the period     (105)          
Net amount $ 68   68          
Method Straight Line              
Intangible Assets [Roll Forward]                
Balance, end of period $ 68              
Other [Member] | Refund Advantage Financial Services Inc [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     329          
Amortization during the period     (90)          
Net amount $ 239   239          
Method Straight Line              
Intangible Assets [Roll Forward]                
Balance, end of period $ 239              
Other [Member] | EPS [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     1,000          
Amortization during the period     (55)          
Net amount $ 945   945          
Book Amortization Period 3 years              
Method Straight Line              
Intangible Assets [Roll Forward]                
Balance, end of period $ 945              
Other [Member] | SCS [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     5,100          
Amortization during the period     (14)          
Net amount $ 5,086   5,086          
Book Amortization Period 15 years              
Method Straight Line              
Intangible Assets [Roll Forward]                
Balance, end of period $ 5,086              
Other [Member] | Other [Member]                
Amortizable intangible assets [Abstract]                
Amount Upon Acquisition     3,110          
Amortization during the period     (362)          
Net amount $ 2,748   $ 2,748          
Method Straight Line              
Intangible Assets [Roll Forward]                
Balance, end of period $ 2,748              
Patents [Member]                
Intangible Assets [Roll Forward]                
Write-offs during the period $ (378)